Interpenetrating polymer network (IPN) is one of the valuable novel biomaterials. IPN based drug delivery system is designed to deliver drugs at a predetermined rate for a designed period of time with minimum fluctuation. Due to its physical and biological characteristics such as enhanced solubility of hydrophobic drugs, imparting drug stability in the formulation, good swelling capacity, biodegradability, biocompatibility and targeting of drug in a specific tissue makes it suitable for drug delivery as well as biomedical applications. IPN based drug delivery is used for controlled release of drugs. These systems are also used for tissue engineering such as cartilage scaffolds, bone substitutes etc. The invention of IPN has far reaching and profound long‐term implications for the pharmaceutical industry and indeed medicine as a whole. This article gives a brief review of the entire features of IPN in both as a drug delivery matrix system and a system for tissue engineering as well its potential therapeutic applications.