There has been significant interest in the recent past to develop injectable hydrogel scaffolds that follow minimally invasive implantation procedures towards efficient healing and regeneration of defective bone tissues. Such scaffolds offer several advantages, as they can be injected into the irregularly shaped defect and can act as a low‐density aqueous reservoir, incorporating necessary components for bone tissue repair and augmentation. Considering that bone is a biocomposite of natural biopolymer and bioapatite nanofiller, there has been a growing trend to develop nanocomposite scaffolds by combining biopolymers and inorganic nanofillers to biomimic the hierarchical nanostructure and composition of natural bone. Furthermore, the nanocomposite scaffolds can be tailored to have patient‐specific bone properties, which can lead to better biological responses. The present article begins with the introduction, followed by an overview of polymer matrices, property requirements, and crosslinking techniques employed for injectable hydrogels. Various strategies to develop injectable composites, with emphasis on nanocomposite hydrogels incorporating bioinert and bioactive nanofillers have been discussed. The fundamental challenges related to the development of injectable hydrogel nanocomposite scaffolds and the research efforts directed towards solving these problems have also been reviewed. Finally, future trends and conclusions on new generation injectable hydrogel nanocomposite bone scaffolds have been discussed in this article.