An amphiphilic block copolymer of acrylamide and butadiene was synthesized by the polymerization of acrylamide in the presence of the crosslinker N,N'-methylene bisacrylamide initiated by a hydroxyl-terminated polybutadiene/V(V) macroredox initiator. The product had good film-forming ability. It was characterized by IR and NMR spectroscopy, viscosity, swelling, and microhardness measurements, scanning electron micrography, and differential scanning calorimetry. A good film was obtained from the block copolymer with a greater proportion of butadiene; it had greater permeability for nonpolar solvents, and it was poorly permeable to water and other polar solvents. The film swelled in polar and nonpolar solvents and had almost the same capacity for the loading and release of hydrophilic and hydrophobic dyes.