SUMMARY This paper reports the intrinsic and crack-induced anisotropic properties of a set of preserved, brine-saturated shale samples and their response to external stresses. We used undrained multistage triaxial tests to evaluate how the ultrasonic wave velocities and their anisotropy changed with increasing isotropic and differential stress conditions. In addition, the impact of stress orientation with respect to fabric orientation was evaluated. An array of ultrasonic transducers allowed to measure five independent wave velocities which were used to calculate the elastic properties of the shale. Results indicate that in this shale P- and S-wave velocities vary with stress in a different manner dependent on the maximum principal stress orientation with respect to the fabric. Where the maximum stress is normal to bedding, Vpv and Vs1 increase monotonically with increasing effective stress. However Vph and Vsh decrease during individual loading stages but increase from stage to stage as confining pressure increases. The reverse occurs when the microfabric is parallel to the maximum principal stress. Where the maximum stress is bedding normal, velocity anisotropy decreases as differential stress increases; when maximum stress is fabric parallel, anisotropy increases. Elastic anisotropy is related to the initial composition and the spatial distribution of the different minerals (fabric) in the sediment and the presence of microfractures, while changes in elastic anisotropy result from the applied stresses, their orientation with respect to the rock fabric and the degree of stress anisotropy.