Study on the response of honeycombs subjected to in-plane shear helps establish the constitutive relations for honeycombs and shed light on the mechanics of cellular materials. The present study explores the nonlinear elastic response of honeycombs under in-plane shear by analyzing the large deflection of cell walls in a unit cell. Governing equations are established which relate the macroscopic response of honeycombs to the deflection of cell walls. Solving these equations, the behavior of regular honeycombs under in-plane shear along horizontal (X) and vertical (Y) directions was investigated. It is found that the response of regular honeycombs under in-plane shear depends on the nondimensional shear stress which is a parameter combining the thickness-to-length ratio of cell walls, the Young's modulus of base materials, and macroscopic shear stress. Lateral shrinking is a distinctive characteristic for honeycombs under in-plane shear, which should be taken into account when establishing constitutive relations and performing simple shear experiments. Expressions for predicting the shear strength of honeycombs are formulated in this paper. It is noted that the normalized shear strength of regular honeycombs depends on two ratios: the thickness-to-length ratio of cell walls and the ratio of Young's modulus to yield strength of base materials, and the former has a dominant effect. By comparing honeycombs with cell walls of uniform thickness against honeycombs with vertical cell walls of double thickness, it is found that doubling the thickness of vertical cell walls of honeycombs increases their shear strength along horizontal (X) direction nearly twice, but does not improve the shear strength that much along the vertical (Y) direction.