The performance of a normal-strength SHCC under impact loading was studied using the results obtained from a split Hopkinson tension bar (SHTB). The focus of the investigation is to explain the mechanisms behind the peculiar rate-dependent behavior of SHCC under tensile loading. With the help of frames obtained by high-speed cameras and the subsequent Digital Image Correlation (DIC) analysis, the stress-strain relation of the SHCC obtained in SHTB was analyzed. The investigation of the composite’s behavior was supported by constituent-level experiments on the non-reinforced matrix of the SHCC and on the fiber-matrix bond. In the case of the constituent matrix, the well-known apparent increase in the tensile strength of the cement-based matrix and its influence on the behavior of SHCC was studied. For this purpose, experiments on the SHCC specimens with different geometries were performed in the SHTB. The results obtained from these experiments and those obtained by DIC show that commonly used analytical models, in which the specimen is assumed elastic, cannot capture the effects of structural inertia on the results. Thus, an alternative novel method based on the results of DIC has been used to explain and quantify the contribution of structural inertia. The rate-dependent behavior of the fiber-matrix bond was studied by performing high-speed single fiber pullout tests in a miniaturized split Hopkinson tension bar. This novel experimental technique enabled explanation of the rate-dependent bridging action of the fibers in SHCC. Based on the results, the enhanced behavior of SHCC under impact loading is explained.