In this study, an enzyme catalyzed in situ forming hydrogel based on tyramine conjugated high methoxyl content gum tragacanth (TA-HMGT) was prepared and characterized. TA-HMGT was synthesized via heterogeneous ammonolysis of methyl ester groups of HMGT. Then, the hydrogel was prepared via horseradish peroxidase catalyzed coupling reaction in the presence of hydrogen peroxide. Hydrogel properties, such as gelation time, swelling/degradation behavior and rheological properties could be adjusted by tuning the gelation parameters and extent of tyramine conjugation. This system was a soft elastic hydrogel with appropriate biocompatibility. The fast gelation of the hydrogel is desirable for clinical applications. Also, in vitro bovine serum albumin release from the synthesized hydrogel showed good release profile with limited burst release.