Herein, 1,2‐bis[(E)‐4‐(allyloxy)benzylidene]hydrazine is prepared via allyloxylation reaction of 4,4′{[(1E,1′E)‐Hydrazine‐1,2‐diylidene]bis(methanylylidene)}diphenol, which is obtained from the reaction of 4‐hydroxybenzaldehyde and hydrazine hydrate. The final product is used as a pH‐labile crosslinker in the synthesis of drug carriers based on poly(2‐hydroxyethyl methacrylate) (PHEMA) via distillation precipitation polymerization (DPP). These drug carriers are pH‐responsive by complete cleavage of carriers that allow for active delivery of anticancer drug in cancerous tissues. The synthesized new compounds are characterized using attenuated total reflectance‐Fourier transform infrared spectroscopy (ATR‐FTIR), Raman spectroscopy, proton nuclear magnetic resonance (1H NMR), UV–Vis–NIR spectrophotometer, and fluorescence microscopy. To investigate the shape and size of the resultant nanoparticles, field emission scanning electron microscopy (FE‐SEM) and dynamic light scattering (DLS) are used. The in vitro drug release behavior of DOX‐loaded carriers is observed in various pH values and the results indicate that pH‐labile nanoparticles show excellent cumulative drug release during 48 h at pH = 1 as found to be 97.5 ± 1.4% and 98.8 ± 1.5% for drug carriers with 10 and 15 mol. % pH‐labile crosslinker, respectively.