Articular cartilage has limited self-healing ability due to its lack of abundant nutrients and progenitor cells. In this study, an injectable hydrogel system consisting of collagen type I-tyramine (Col-TA) and hyaluronic acid-tyramine (HA-TA) was fabricated as the bone marrow mesenchymal stem cell (BMSC)-laden hydrogel system for cartilage regeneration. Next, the physiochemical properties of this hydrogel system were well characterized and optimized, including gelation time, stiffness, water absorption and degradability. Further, the proliferation and differentiation of BMSCs within the Col-HA hydrogel were evaluated, and the ability of in vivo cartilage repair was also examined in the presence of the transforming growth factor-β1 (TGF-β1). These results illustrate that this hydrogel can offer a great microenvironment for BMSC growth and cartilage differentiation both in vitro and in vivo, and the Col-HA hydrogel can serve as an ideal hydrogel for cartilage tissue regeneration.