In this work, a strategy for one-stage synthesis of polymer composites based on PNIPAAm hydrogel was presented. Both conductive particles in the form of conductive carbon black (cCB) and MnCo2O4 (MCO) spinel particles were suspended in the three-dimensional structure of the hydrogel. The MCO particles in the resulting hydrogel composite acted as an electrocatalyst in the oxygen evolution reaction. Morphological studies confirmed that the added particles were incorporated and, in the case of a higher concentration of cCB particles, also bound to the surface of the structure of the hydrogel matrix. The produced composite materials were tested in terms of their electrical properties, showing that an increase in the concentration of conductive particles in the hydrogel structure translates into a lowering of the impedance modulus and an increase in the double-layer capacitance of the electrode. This, in turn, resulted in a higher catalytic activity of the electrode in the oxygen evolution reaction. The use of a hydrogel as a matrix to suspend the catalyst particles, and thus increase their availability through the electrolyte, seems to be an interesting and promising application approach.