Hydrogels have attracted increasing research interest in recent years due to their dynamic properties and potential applications in biomaterials. Concurrently, macrocycle-based host-guest interactions have played an important role in the development of supramolecular chemistry. Recently, research towards dynamic hydrogels mediated by various macrocyclic host-guest interactions has been gradually disclosed. In this review, we will outline the burgeoning progress in the development of functional hydrogels mediated by various host molecules, such as cyclodextrins, cucurbit[n]urils, calix[n]arenes, pillar[n]arenes, and other macrocycles. Smart hydrogels with outstanding properties, like biocompatibility, toughness, and self-healing, are mainly focused. We believe that this review will highlight the potential of dynamic hydrogels mediated by macrocycle-based host-guest interactions.