Human demineralized bone matrix (DBM) containing bone morphogenetic proteins (BMPs) is naturally biocompatible and can be remodeled by patients’ own bone. The major shortcoming of many of the currently used DBM gel formulations is that they have a tendency to flow, particularly if there is continuous bleeding at the application site. In this study, the physicochemical properties of human DBM were examined to improve the efficiency of DBM formulations. DBM remarkably showed higher water absorption than nondemineralized bone powder after 150 min. Hydroxyl groups in DBM appeared in fourier transform infrared analysis, although hydroxyl band in nondemineralized bone powder was not observed. The results suggested that hydrogels such as CMC, hyaluronic acid, or poloxamer as carriers can be applied for injectable DBM products, such as gel or putty types.