Simultaneous enhancement of conductivity and mechanical properties for polyaniline/polymer nanocomposite still remains a big challenge. Here, a reverse approach via in situ polymerization (RIP) of vinyl monomers in waterborne polyaniline dispersion was raised to prepare conductive polyaniline (GPANI)/polyacrylate (PMB) interpenetrating polymer (GPANI-PMB) nanocomposite. GPANI/PMB physical blend was simultaneously prepared as reference. The conductive GPANI-PMB nanocomposite film with compact pomegranate-shape morphology is homogeneous, ultraflexible and mechanically strong. With incorporating a considerable amount of PMB into GPANI via the RIP method, only a slight decrease from 3.21 to 2.80 S/cm was detected for the conductivity of GPANI-PMB, while the tensile strength significantly increased from 25 to 43.5 MPa, and the elongation at break increased from 40% to 234%. The water absorption of GPANI-PMB3 after 72 h immersion decreased from 24.68% to 10.35% in comparison with GPANI, which is also higher than that of GPANI/PMB. The conductivity and tensile strength of GPANI-PMB were also much higher than that of GPANI/PMB (0.006 S/cm vs. 5.59 MPa). Moreover, the conductivity of GPANI-PMB remained almost invariable after folding 200 times, while that of GPANI/PMB decreased by almost half. This RIP approach should be applicable for preparing conventional conductive polymer nanocomposite with high conductivity, high strength and high flexibility.