A series of interpenetrating polymer networks (IPNs) with different compositions were prepared from emulsions of silylated soybean oil (SilSoy) and hydrophilic polysiloxanes (HPPS). Silylation of the soybean oil was achieved via the “Ene reaction” and the water soluble polysiloxanes were prepared by hydrolysis and condensation polymerization of 3‐aminopropyldiethoxymethylsilane followed by a reaction with ethylene carbonate. Unlike the triglyceride structure of SilSoy, HPPS are water soluble, linear polysiloxanes having a pendant hydroxyl group on every siloxane. Evaporation of the water phase from emulsions of SilSoy in aqueous solutions of HPPS yielded crosslinked IPN films composed of silanols and carbinol condensations that formed stable siloxanes (SiOSi) crosslink linkages as well as hydrolysable silicone‐carbinol (SiOC) linkages. The entangled network that was obtained is characterized by intimate mixing of these incompatible phases with a typical IPN microphase separation. The crosslink density between the dispersed phase and the continuous phase was correlated with the swell‐gel data. The mechanical and thermal properties were also studied and were correlated with the composition and the crosslinks density. These IPNs can be used as convenient environmentally degradable control release systems via the hydrolysis of the SiOC linkages. © 2018 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2019, 136, 47182.