Water-soluble, partially cross-linked poly-2-isopropyl-2-oxazoline combining the properties of chemical and physical gels was synthesized by a two-step procedure. Thermally induced sol-gel transition in its aqueous solution was studied by rheology, light scattering, and turbidimetry. It was demonstrated that the synthesized product is bimodal; it consists of linear and cross-linked components. The cross-linked components are responsible for the gelation, while the linear ones abate the viscosity growth. Heating the solution above the phase transition temperature leads to the self-assembly of the particles into a physical gel. The combination of chemical and physical cross-linking was found to be a prospective route for thermosensitive gel development.