Bone injuries induced by accidents or bone-related disease have dramatically increased in the past decades. The application of biomaterials has become an inextricable part of treatment for new bone formation and regeneration. Different from traditional bone-regeneration materials, injectable biomaterials—ranging from bioceramics to polymers—have been applied as a means of promoting surgery with a minimal intervention approach. In this review, we summarize the most recent developments in minimally invasive implantable biomaterials for bone reconstruction and different ways to achieve osteogenesis, with a focus on injectable biomaterials for various applications in the orthopedic field. More specifically, bioceramics and polymeric materials, together with their applications in bone fracture healing, vertebral body augmentation, bone implant fixation, bone tumor therapy, and bone-defect-related infection treatment are reviewed in detail. Recent progress in injectable biomaterials with multiple functionalities and bioresponsive properties is also reviewed. Finally, we summarize the challenges in this field and future directions for clinical treatment.