Bone tissue engineering has emerged as a promising approach to regenerate bone tissue, and injectable biomaterials have shown potential for bone regeneration applications due to their ease of administration and ability to fill irregularly shaped defects. This study aims to develop and characterize an injectable composite material comprising biphasic bone substitutes (BBS) and crosslinked porcine collagen type I for bone regeneration applications. The collagen is crosslinked via a UVA‐riboflavin crosslinking strategy and evaluated by testing the physicochemical properties, including the rheological behavior, dynamic storage modulus (G′) and loss modulus (G″), and in vitro degradation process. The results show that the crosslinked collagen (xCol) exhibits suitable physicochemical properties for injectability and improved viscoelasticity and degradation resistance. Furthermore, xCol is then combined with BBS in a predetermined ratio, obtaining the injectable composite material. The biocompatibility of the materials is evaluated in vitro by XTT and BrdU assays on fibroblasts and preosteoblasts. The results demonstrate that the composite material is biocompatible and supporting pre‐osteoblasts proliferation. In conclusion, the injectable composite material BBS‐xCol has promising physiochemical and biological properties for bone regeneration applications. Further studies are warranted to evaluate its efficacy in vivo and optimize its composition for clinical translation.