In the present study, a hybrid chitosan‐alginate superabsorbent is prepared using maleic acid as a cross‐linker and acrylamide as a grafting agent using the free radical mechanism. The composite hydrogel shows good swelling capacity along with hemocompatibility and biocompatibility and hence it is utilized as a drug delivery device. The characterization techniques including x‐ray diffraction, Fourier transform infrared, x‐ray photoelectron spectroscopy, and thermal analysis indicate the successful synthesis of stable hydrogel with rich functionalities. Metformin hydrochloride is used as a model drug which is used to treat diabetes. The drug encapsulation is done using the swelling diffusion method after the synthesis of hydrogel. The release of metformin from the drug‐loaded hydrogel at physiological pH highlights the role of non‐covalent interactions between the drug and hydrogel. In vitro release studies of Metformin from the drug‐loaded hydrogel show higher release profiles at intestinal pH (7.4) compared to stomach pH (1.2). The observed cumulative release is 82.71% at pH 7.4 and 45.67% at pH 1.2 after 10 h. Brunauer–Emmett–Teller analysis reveals the effect of surface area, pore size, and pore volume of hydrogel on the drug release. The drug release from the hybrid chitosan‐alginate hydrogel is found to be more sustained in comparison to the pure chitosan hydrogel. For the present drug delivery system, the swelling‐controlled release is found to be more dominating than the pH‐controlled release. The synthesized hydrogel can be successfully employed as a potential drug delivery system for controlled drug delivery.