Objectives: The objective of the present study was development and evaluation of effervescent floating matrix tablets of pioglitazone hydrochloride for maintenance of steady state plasma concentration up to 12 h. Materials and Methods: Tablets were prepared by wet granulation method using different grades of HPMC (K4M/K15M/K100M/ Metalose 90 SH) and PEO (WSR301/WSR coagulant) in 10%, 15% and 20% concentrations. Formulations were evaluated for various physicochemical parameters. Drug and excipients interaction analyzed by FTIR and DSC studies. In-vitro buoyancy studies, drug release and water up take studies were performed in 1.2 pH hydrochloric acid as dissolution medium for a period of 12 hrs. X-ray studies were conducted on optimized formulation. Results: Physicochemical parameters of prepared matrix tablets are with-in-house specifications. All batches of HPMC grades floats instantaneously and total floating time is 12 hrs or more than 12 hrs (except F1&F2) but PEO grades total floating time is 9 h and drug releases up to 12 h. All the formulations were fitted into higuchi model and release mechanism was non-Fickian (anomalous) diffusion mechanism. Optimized formulation F3 (HPMC K15M 20%) showed 7.1 ± 0.2 h of buoyancy in the stomach. Conclusion: It has been concluded that HPMC K15M 20% is sufficient to prepare oral floating matrix tablets of pioglitazone.