Novel, phosphorus-containing slow release fertilizer hydrogels (SRFHs) composed of interpenetrating polymer networks (IPNs) with very good swelling and mechanical properties have been obtained and characterized. It was found that introducing organophosphorus polymer based on a commercially available monomer, 2-methacryloyloxyethyl phosphate (MEP), as the IPN’s first component network results in much better swelling properties than for a terpolymer with acrylic acid (AAc), 2-methacryloyloxyethyl phosphate (MEP) and bis[2-(methacryloyloxy)ethyl] phosphate (BMEP) when the same weight ratios of monomers are employed. The procedure described in this paper enables the introduction of much larger amounts of phosphorus into polymer structures without significant loss of water regain ability, which is crucial in the application of such materials in the agricultural field.