Nickel foam offers excellent conductivity, a high surface area, and lightweight structure, making it ideal for applications, like battery electrodes, catalysts, and filtration systems. Its durability and corrosion resistance further enhance its performance in various industries. However, few studies focus on the tensile anisotropy of nickel foam and its tensile fracture process. In this study, the anisotropic tensile behavior of nickel foam with varying relative densities has been investigated, along with its tensile fracture behavior using in situ techniques. The tensile properties of nickel foams show strong anisotropy due to the flattening process in the production process. The results show that the tensile properties, including the yield strength, tensile strength, and elastic modulus, increase with the increasing relative density, while the elongation percentage has no relationship with the relative density. The experiment data on tensile strength are in agreement with Gibson’s formula and Liu’s formula. In situ tensile tests are conducted to explore the microscopic fracture mechanism of nickel foam. The results show that the struts of nickel foam are tensile fractures or shear fractures near the joints, and the fracture process of struts is clearly recorded and analyzed. This study is significant as it provides critical insights into the anisotropic tensile behavior of nickel foam and fracture mechanism, enabling the optimization of production processes and broadening its potential applications.