The structure and controlled release behavior of chitosan hydrogels are closely related to their molecular weight (MW) and degree of deacetylation (DD). To clarify the effects of these two factors on the controlled release performance of hydrogels, chitosan derived from Hericium erinaceus was used as the raw material. A series of chitosan samples with MW of 70~174 kDa and DD of 65%~90% were prepared via ultrasonic-assisted acid hydrolysis and re-acetylation. The obtained samples were crosslinked with dialdehyde cellulose to construct Schiff base hydrogels. The network structure, swelling behavior, and drug release properties were systematically characterized. The results showed that increasing MW and DD facilitated hydrogel formation, and hydrogels prepared from high-MW and high-DD chitosan exhibited relatively compact network structures. This was evidenced by their lower swelling degree and porosity. Specifically, the swelling degrees of MW-17 and DD-90 were 18.84 g·g-1 and 19.77 g·g-1, which were significantly lower than those of MW-7 and DD-65 (P<0.05). A similar decreasing trend was observed in porosity. Furthermore, the drug release behavior of both MW and DD series hydrogels followed the Korsmeyer–Peppas model. Hydrogels with low MW and low DD exhibited faster release rates, whereas those with high MW and high DD showed a slower and more sustained release profile. Model fitting results indicated that the release mechanism of high-MW hydrogels followed Fickian diffusion, while low-MW hydrogels were controlled by non-Fickian diffusion. Additionally, DD series hydrogels followed a Fickian diffusion mechanism. Overall, low-MW and low-DD hydrogels are suitable for rapid release applications, whereas those with high MW and high DD exhibit potential for sustained release. This study provides a theoretical basis for the structural design and performance optimization of fungal chitosan-based hydrogel controlled release systems.