Starch gelatinization has been widely studied previously, but there is still a lack of systematical research on the relationship between the degree of starch gelatinization (DSG) and its physicochemical and structural properties. In this study, potato starch samples with DSG ranging from 39.41% to 90.56% were obtained by hydrothermal treatment. The thermal, rheological, and structural properties, as well as the water-binding capacity of samples were investigated. A starch solution with a DSG of 39.41% was partially sedimented at room temperature, while starch with a DSG of 56.11% can form a stable paste with a fine shear-thinning property, as well as samples with a DSG larger than 56.11%. The endothermic enthalpy, gelatinization range, and short-range ordered structure of starch were negatively correlated with DSG, whereas onset gelatinization temperature, apparent viscosity, and water-binding capacity were positively correlated. The viscoelasticity of starch gels was negatively correlated with the DSG after full gelatinization (DSG > 39.41%). Starch granules gradually lose their typical shape and less birefringence can be observed with increasing DSG. Hydrothermal treatment has a more significant effect on the amount of exposed hydroxyl groups than the ordered and amorphous structures of partially gelatinized starch. This study built linear correlations between starch physicochemical properties and the DSG and provided comprehensive insight into the characteristics of partially gelatinized potato starch.