The present application provides a bone cement with osteoinductive capacity which includes a powder mixture and an aqueous solution. The powder mixture includes calcium sulfate and a calcium phosphate salt. The aqueous solution includes water and hyaluronic acid. By adding the hyaluronic acid with appropriate molecular weight in optimal concentration to the aqueous solution in advance, the formed bone cement has improved operability and porosity and can induce differentiation and ingrowth of osteoblast.本發明提出一種具有骨誘導能力之骨水泥,其包含一粉劑及一水劑,其中該粉劑包含硫酸鈣及一鈣磷酸鹽;該水劑包含水及透明質酸。透過添加適當分子量及濃度之透明質酸於骨水泥之水劑中,待與粉劑混合後所形成之骨水泥能夠促進或誘導骨細胞分化生長,且具有較佳之操作性與孔隙度,並能提高骨水泥之保水能力。