Interpenetrating polymer network (IPN) matrices of sodium alginate and carrageenan were prepared for controlled release application. The propranolol-resin complex (resinate) loaded matrices were prepared by wet granulation/covalent crosslinking method and subsequently compressed into tablets. The SEM, DSC and XRD studies confirmed the amorphous nature of drug in the IPN matrix and FTIR confirmed the IPN formation and stability of drug within IPN matrix. The pure drug propranolol HCl showed rapid and complete dissolution within 60 min, while drug release from resinate was extended for 2.5 h and that from IPN tablets was still slower and drug release prolonged over 18 h. The crosslinking time of granules affected the release of drug from IPN matrix.