Pre‐crosslinked gel particles, colloidal dispersion gels, and polymer microspheres are often used as profile‐controlling and flooding agents to displace residual crude oil from formations. The preparation process of these profile‐controlling and flooding agents is complicated. In order to simplify the preparation steps, a water‐soluble chain transfer (RAFT) agent, S,S′‐bis(2‐propionic acid) trithiocarbonate (PATTC), was synthesized, and then, hydrogel dispersions were prepared by one‐pot RAFT polymerization. The structure of PATTC was confirmed by infrared spectroscopy and nuclear magnetic resonance. The effects of reaction conditions on the viscosity and viscosity‐average molecular weight of hydrogel dispersions were explored, the rheology, viscoelasticity, particle size, temperature responsiveness, and salinity responsiveness of hydrogel dispersions were measured, and the seepage properties of hydrogel dispersions in porous medium were analyzed. The results show that at higher shear rates, the polyacrylamide gel dispersions exhibited Newtonian fluid characteristics. Viscoelasticity tests further confirmed that the polyacrylamide gel dispersions were successfully synthesized. The particle size of the hydrogel dispersions is 1–75 μm, its viscosity is less affected by temperature and salinity, and its residual resistance coefficient is higher than that of the polyacrylamide solution under similar apparent viscosity.