An injectable smart gel and a method for fabricating the same are disclosed. A basic structural stabilizer/polymeric electrolyte and a diluting solution are added to a modified chitosan to regulate the chitosan solution to have a pH value closing to that of the human body and form a flowable chitosan sol. The flowable chitosan sols formed thereby are respectively converted into inflowable chitosan gels via increasing the temperature thereof to the human body temperature, and via adding calcium ion or regulating the chitosan sol into an acidic solution. The injectable smart gel fabricated thereby is injectable and able to function as a carrier of magnetism-sensitive medicine-containing nanocapsules. The medicine can be released to the injectable smart gel with an external non-contact force, such as a magnetic field, an electric field or an ultrasonic wave, for long-acting and multi-stage medicine delivery. The present invention is very useful in biomedical engineering.