A vinyl‐functionalized polyphosphate (PIOP) was synthesized by ring‐opening polymerization of 2‐isopropyl‐2‐oxo‐1,3,2‐dioxaphospholane and 2‐(2‐oxo‐1,3,2‐dioxaphosphoroyloxyethyl methacrylate) with triisobutylaluminum as an initiator. The number‐averaged molecular weight of the PIOP was 1.2 × 104. The average number of vinyl groups in the PIOP is 2.20. Transparent hydrogels were prepared by the radical polymerization of 2‐methacryroyloxyethyl phosphorylcholine with PIOP as a cross‐linking reagent. These hydrogels may have many applications in the biomedical field because of their biodegradability and biocompatibility.