The present disclosure relates to injectable hydrogel and a process for its preparation. In particular, the present disclosure provides non-toxic biodegradable hydrogel that is injectable through a wide range of needle sizes with properties such as self-assembling and shear thinning and further encapsulation of active agents in the hydrogel. The present disclosure also provides a process for the preparation of injectable hydrogel which is easy to scale up and long-term storage ability.