With the development of alternatives to traditional fossil energy and the rise of wearable technology, flexible energy storage devices have attracted great attention. In this paper, a polyaniline/poly(acrylamide‐sodium acrylate copolymer) hydrogel (PASH) with high flexibility and excellent electrochemical properties for flexible electrodes is fabricated by freeze‐thaw‐shrink treatment of a highly water‐absorptive hydrogel, together with in‐situ polymerization of aniline at a low aniline concentration (0.1 mol L−1). The PASH exhibits a conductivity of 4.05 S m−1 and an elongation at break of 1245%. The freeze‐thaw‐shrink treatment greatly improves the electrochemical performance and stability of the conductive PASH. The area specific capacitance of PASH reaches 849 mF cm−2 and the capacitance maintains 89% after 1000 galvanostatic charge–discharge cycles. All the raw materials are conventional industrialized materials and no additional templating agent is needed during the entire synthesis process. This study provides a cost‐efficient approach for the fabrication of conductive polymer hydrogels, which has a broad application prospect in flexible energy storage electronic devices.