This study investigates the properties and structure of poly(ethylene‐co‐methacrylic acid) (EMAA) ionomers co‐neutralized by zinc and sodium, and compares them with ionomers neutralized by a single metal: zinc (EMAA‐Zn) and sodium (EMAA‐Na). The bending stiffness and the degree of crystallization for the co‐neutralized ionomer (Na:Zn = ~1:1 on a molar basis) gives 16.5% and 9.8% increase compared to the simple average of their single cation counterparts. Such unusual properties are seen in mechanical, thermal, and rheological properties and water uptake rate in this study. Infrared spectra of the co‐neutralized ionomer shows changes at the carboxylate antisymmetric stretching band, which correspond to the formation of carboxylates bridging zinc and sodium ions. X‐ray scattering identified that the number density of ionic multiplets for the co‐neutralized ionomers are equivalent to EMAA‐Na and ~ 1.7 times higher than EMAA‐Zn. The fraction of side groups forming ionic multiplets, β, in co‐neutralized ionomers were 0.7–0.8, close to EMAA‐Na (1.0) and higher than EMAA‐Zn (0.3), indicating that sodium promote zinc to form ionic multiplets. The synergistic properties induced by co‐neutralization are ascribed not only to a formation of new ionic multiplets where both cations are included but also to the change in the number density of ionic multiplets.