Multifunctional biocompatible hydrophilic gel contains, in % (w/w), acrylamide--1.95-8.0, methacrylamide--0.54-3.0, 2-hydroxyethyl methacrylate--0.003-0.4, N,N'-methylene-bis-acrylamide--0.006-0.6 and water--q.s. to 100. The hydrophilic gel is produced by co-polymerization of the above mentioned monomers in water medium in the presence of a peroxide initiator of polymerization in three stages which include (1) incubation of the reaction mixture at 20-30.degree. C. for 12-24 hours, (2) exposure to .gamma.-radiation at a dose of 0.4-1.0.times.10.sup.6 rads, and (3) incubation at a temperature of 100-130.degree. C. and pressure of 0-1.2 atm. for 20-40 minutes.