Hydrogels can serve as matrices to mimic natural tissue function and be used for wide‐ranging applications such as tissue regeneration and drug delivery. Injectable hydrogels are particularly favorable because their uses are minimally invasive. However, creating moldable substance for injection often results in compromised function and stability. This study reports an injectable hydrogel system crosslinked by peptide–oligosaccharide noncovalent interaction. The dynamic network shows fast self‐healing, a property essential for injectability. Injected hydrogels in immunocompetent mice and release of encapsulated compound are monitored up to 9 months by magnetic resonance imaging (MRI) and optical imaging. This surprisingly stable hydrogel does not cause adverse inflammatory response, as analyzed by measuring cytokine levels, immunohistochemistry, and MRI. Hydrogel degradation is associated with invasion of macrophages and vascular formation. The facile synthesis, high biocompatibility, and stability of this injectable hydrogel can lead to various experimental and clinical applications in regenerative medicine and drug delivery.