Multiaxial failure properties of trabecular bone are important for modeling of whole bone fracture and can,provide insight into structure-function relationships. There is currently no consensus on the most appropriate form of multiaxial yield criterion for trabecular bone. Using experimentally validated, high-resolution, non-linear finite element models, biaxial plain strain boundary conditions were applied to seven bovine tibial specimens. The dependence of multiaxial yield properties on volume fraction was investigated to quantify the interspecimen heterogeneity in yield stresses and strains. Two specimens were further analyzed to determine the yield properties for a wide range of biaxial strain loading conditions. The locations and quantities of tissue level yielding were compared for on-axis, transverse, and biaxial apparent level yielding to elucidate the micromechanical failure mechanisms. As reported for uniaxial loading of trabecular bone, the yield strains in multiaxial loading did not depend on volume fraction, whereas the yield stresses did. Micromechanical analysis indicated that the failure mechanisms in the on-axis and transverse loading directions were mostly independent. Consistent with this, the biaxial yield properties were best described by independent curves for on-axis and transverse loading. These findings establish that the multiaxial failure of trabecular bone is predominantly governed by the strain along the loading direction, requiring separate analytical expressions for, each orthotropic axis to capture the apparent level yield behavior.