The biodegradability, biocompatibility, and bioactivity of hyaluronic acid (HA), a natural polysaccharide, combined with the low density, high porosity, and high specific surface area of aerogels attract interest for biomedical applications such as wound dressings. In this work, physically cross-linked HA aerogels were prepared via the freeze-thaw (FT) induced gelation method, solvent exchange, and drying with supercritical CO2. The morphology and properties of HA aerogels (volume shrinkage, density, and specific surface area) were investigated as a function of several process parameters: HA concentration, solution pH, number of FT cycles, and type of nonsolvent used during solvent exchange. We demonstrate that the HA solution pH plays a key role in the aerogel formation, as not all conditions result in materials with high specific surface area. HA aerogels were of low density (<0.2 g/cm3), high specific surface area (up to 600 m2/g), and high porosity (≥90%). Scanning electron microscopy pictures revealed that HA aerogels present a porous structure with meso- and small macropores. The results show that HA aerogels are promising biomaterials with tunable properties and internal structure that offer high potential as, e.g., wound dressings.