Subchondral bone undecalcified samples, extracted from bovine femoral heads, are subjected to a direct tensile load. The Young's modulus of each sample is determined from repeated tests within the elastic limit. In a last test, the tensile load is increased up to the specimen failure, determining the ultimate tensile strength. The investigation is performed on both dry and wet specimens. The measured Young's modulus for dry samples is 10.3±2.5 GPa, while that of wet samples is 3.5±1.2 GPa. The ultimate tensile strengths are 36±10 and 30±7.5 MPa for dry and wet specimens, respectively. SEM micrographs of failure surfaces show characteristic lamellar bone structures, with lamellae composed of calcified collagen fibers. Rudimentary osteon-like structures are also observed. Failure surfaces of wet samples show a marked fiber pull-out, while delamination predominates in dry samples. The obtained results are interpreted on the basis of the deformation mechanisms typical of fiber-reinforced laminated composite materials.