Investigations on the effect of strain rate on tensile properties of two materials, namely, aluminum alloy 7075 T651 and IS 2062 mild steel, are presented. Experimental studies were carried out on tensile split Hopkinson pressure bar (SHPB) apparatus in the strain rate range of 54–164/s. Uncertainty analysis for the experimental results is presented. Johnson–Cook material constitutive model was applied to predict the tensile yield strength of the tested materials at different strain rates. It is observed that the tensile yield strength is enhanced compared with that at quasi-static loading. During tensile SHPB testing of the specimens, it was observed that the peak force obtained from the strain gauge mounted on the transmitter bar is lower than the peak force obtained from the strain gauge mounted on the incident bar. An explanation to this is provided based on the increase in dislocation density and necking in the tested specimens during high strain rate loading and the consequent stress wave attenuation as it propagates within the specimen. The fracture behavior and effect of high strain rate testing on microstructure changes are examined. The peak force obtained based on strain gauge mounted on the transmitter bar is lower than the peak force obtained based on strain gauge mounted on the incident bar. There is an increase in tensile yield strength at high strain rate loading compared with that at quasi-static loading for both materials. The enhancement is more for IS 2062 mild steel than that for aluminum alloy 7075 T651. In the range of parameters considered, the strength enhancement factor was up to 1.3 for aluminum alloy 7075 T651 and it was up to 1.8 for IS 2062 mild steel. Generally, there was a good match between the experimental values and the Johnson–Cook model predictions.