Bamboo is a typical composite material which is axially reinforced by very strong fibers. So that, the fibers play an important role for the bamboo structure. The elastic properties of the bamboo culm have been measured only by tensile test so far, which needs a large specimen. Recently ultra-sonic technique, which has a simple procedure and uses a small specimen, has been applied to woods as well as metals. This report reviews about the elastic properties of bamboo and Hemp palm fibers. The Young's modulus and Poisson's ratio of the bamboo fibers are measured by ultra-sonic method with a transmitting wave. On the other hand, the strength of the bamboo and Hemp palm fibers are measured by the tensile tests. Using the volume fraction of fibers in the specimen and mixture principle, the Young's modulus and strength of the fibers and parenchyma were obtained. The fiber has a high strength up to 1GPa and an strong anisotropic property because its axial Young's modulus has 7 times higher than the one in the transverse direction.