Biocompatible self-healing hydrogels present an effective application as drug-releasing vehicles for tissue engineering and wound repairing. At the same time, the effective hemostatic property of the hydrogels also improves the application property as wound dressing materials. In this research, the PNIPAM-bearing acylhydrazide P(NIPAM-co-AH) was synthesized and then hemostatic polyphosphate (PolyP) was imported to prepare polyphosphate-conjugated P(NIPAM-co-AH) (PNAP). Through the acylhydrazone connection of PNAP and aldehyde functional PEO (PEO DA), the self-healing hydrogel with a hemostatic property was fabricated with good flexibility and sealing effect. The resultant hydrogels kept excellent biocompatibility and showed controlled drug release behavior. More importantly, the hydrogel accelerated the coagulation rate in vitro and presented a strong hemostatic effect as the binder in the hemorrhage model in vivo, which endow the hemostatic hydrogel with a very useful drug delivery carrier for wound healing applications or first aid treatment of the wounded in critical situations.