The present invention provides an aqueous solution for sterilizing and storing ophthalmic devices, preferably a contact lens, made of a hydrogel material, preferably a poly(oxyalkylene)-containing hydrogel material. The solution comprises one or more organic buffer agents, such as a Good buffer or a bis-aminopolyols; an organic tonicity-adjusting agent with multiple hydroxyl groups in an amount sufficient to provide an osmolarity of from about 200 to about 450 mosm/l, wherein the aqueous solution has a pH of from about 5.5 to about 8.5, provided that the aqueous solution include phosphate buffer at a concentration of about 15 mM or less and about 5000 ppm sodium chloride. The present invention also provides a method for sterilizing and storing an ophthalmic device using an aqueous solution of the invention.