An injectable and moldable putty comprising biodegradable calcium-based compounds including calcium sulfate, hydroxyapatite, and tricalcium phosphate is invented. The putty hardens into a solid body when mixed with water, saline, serum, or other neutral aqueous solutions. The hardening time of the putty can be tailored in order to meet the specific requirements of various dental or orthopedic applications. The pH of the putty is neutral during and after mixing. The invented putty may be used as bone graft, bone implant, or implantable drug delivery device.