Tensile and fracture responses of the phenylethynyl terminated imide oligomer (PETI-5) are studied. Since this polymer is a candidate aerospace structural adhesive as well as a matrix material in composite systems, neat as well as fiber reinforced forms of PETI-5 are studied under static and dynamic loading conditions. A split-Hopkinson tension bar apparatus is used for performing tensile tests on dogbone specimens. The dynamic fracture tests are carried out using a drop tower in conjunction with 2D image correlation method and high-speed digital photography on edge cracked specimens in three-point bend configuration. A toughened neat epoxy system, Hexcel 3900, is also studied to provide a baseline comparison for neat PETI-5 system. The tensile stress-strain responses show PETI-5 to have excellent mechanical characteristics under quasi-static and dynamic loading conditions when compared with 3900. Fracture behavior of PETI-5 under quasi-static and impact loading conditions also shows superiority relative to 3900. The dynamic fracture behavior of a PETI-5 based graphite fiber reinforced composite, IM7/PETI-5, is also studied and the results are comparatively evaluated relative to the ones corresponding to a more common aerospace composite system, T800/3900-2 graphite/epoxy. Once again, the IM7/PETI-5 system shows excellent fracture performance in terms of dynamic crack initiation and growth behaviors.