Samples of polyethylene with extended-chain crystal morphology, obtained by crystallization under high pressure, were subjected to uniaxial compression to various strains. Accompanying structural changes were analyzed using scanning electron microscopy. At the true strain of e = 0.2−0.3 the microbuckling instability was observed in longitudinally loaded lamellae, resulting in the formation of angular kinks. This induced a rapid reorientation of the lamellae, facilitating their further deformation by crystallographic slip. Microbuckling instability was found to occur earlier than in samples with folded-chain crystal morphology (e = 0.3−0.4) due to a smaller ratio of the amorphous to crystalline layer thickness. SEM observations demonstrated that the microbuckling instability begins with small undulation in long lamellae. Sharp angular lamellar kinks develop from the initial undulation through intense plastic deformation by crystallographic slip along the chain direction. The same slip system was found to operate throughout the kink, including the tip region as well as both limbs. In contrast to thin folded-chain lamellae that often undergo fragmentation during deformation, the thick extended-chain lamellae deform stably by chain slip and retain their continuity up to high strains, e > 1.6. This stability of deformation is related to the large thickness of extended-chain lamellae.