Fourier transform infrared spectroscopy (FTIR) was applied to the study of polymerization kinetics of simultaneous interpenetrating polymer networks (SINs) composed of polyurethane (PU) and vinyl ester resin (VER), in which the pendent hydroxyl groups were capped with acetyl groups to minimize the possibility of chemical binding between the two networks. It was found that during the course of synthesis the two pairs of reactants interfere with each other in the SIN systems, giving rise to depressed reaction rates, although they follow different polymerization mechanisms. Increasing the reaction temperature could be more effective than increasing the free-radical initiator level with regard to the final conversions of both components. The reaction sequence could be varied through the amount of the step-growth polymerization catalyst and free-radical initiator as well as the reaction temperature adjustment. Using VER containing pendent hydroxyl groups could strongly affect the reaction kinetics of such SINs and lead to hybrid structures. The quick formation of one network would always depress the conversion of the other network in all SINs studied.