Hydrogels, which can withstand large deformations and have stable chemical properties, are considered a potential material for cartilage repair. However, hydrogels still face some challenges regarding their mechanical properties, tribological behavior, and biocompatibility. Thus, we synthesized a hybrid hydrogel by means of chemical cross-linking and transesterification using glycerol ethoxylate (GE) and zwitterionic polysulfobetaine methacrylate (PSBMA) as raw materials. The hybrid hydrogel showed excellent compressive stress at approximately 3.50 MPa and low loss factors (0.023−0.049). Moreover, because GE has good water binding properties, helping to form a stable hydration layer and maintain low energy dissipation, a low friction coefficient (μ ≈ 0.028) was obtained with the "soft−soft contact mode" of a hydrogel hemisphere and hydrogel disc under reciprocating motion. In vitro cytotoxicity, skin sensitization, and irritation reaction tests were carried out to show good biocompatibility of the GE-PSBMA hybrid hydrogel. In this study, a hybrid hydrogel with no potential cytotoxicity, strong compressive capacity, and excellent lubricity was obtained to provide a potential alternative for developing polymer hybrids, as well as demonstrating an idea for the application of hybrid hydrogels in cartilage replacement.