The aim of the present work was to prepare controlled release matrix tablet of etodolac and to evaluate various parameters of prepared formulation.The matrix tablet containing HPMC K100 LVCR and polyox WSR 303 in combination was prepared by direct compression method. The incompatibility between drug and excipient was tested by FTIR and DSC and was found to be compatible. A 32 full factorial design was adopted to investigate the effects of independent variables (concentration of polyox WSR 303(X1) andconcentration of HPMC K100 LVCR (X2)on dependent variables (% drug release at 3hr (Q3), % drug release at 10hr (Q10) and diffusion exponent (n)using Design Expert Software. Tablets were subjected to evaluation parameters such as dimensions, hardness, friability, weight variation, drug content, in-vitro drug release study and have shown satisfactory results. Batch F3 showed promising results of in-vitro drug release as it matched with standard USP specification for dissolution of extended release etodolac tablet. Dissolution data was fitted to various mathematical models to analyze the release kinetics and F3 batch was found to be best fitted to zero order kinetic followed by higuchi model and exhibited anomalous diffusion release mechanism. The optimized batch selected from in vitro drug release study was evaluated for swelling-erosion study and surface morphology study (SEM analysis). Dissolution profile of optimized batch was compared with marketed product and similarity factor (f2) value was found to be 55.56. In conclusion, the prepared etodolac matrix tablet using a blend of 10% HPMC K100 LVCR and 10% Polyox WSR 303 seems to be promising formulation.