The failure behavior of the syntactic foams is investigated based on a three-dimensional (3D) micromechanical finite element (FE) model, by varying the volume fraction, the wall thickness of the hollow particles, and the interfacial strength. The maximum principal stress criterion is adopted to determine the state (damaged or undamaged) for both interface and matrix. Material property degradation is used to describe the mechanical behavior of those damaged elements. The current model can reasonably predict the tensile strength of the syntactic foams with high volume fractions (40%–60%). The failure mechanism of the syntactic foam under uniaxial tension is captured by analyzing the stress–strain curves and the contours of damaging evolution process. Results from the quantitative simulations demonstrate that the tensile strength of the syntactic foam can be improved effectively by enhancing the interfacial strength.