Few investigations have been carried out with bamboo fibers despite its high strength, biodegradability, and low cost. The overall objective of this work was to investigate fiber extraction from bamboo and the use of these bamboo fibers as reinforcement in polymeric composites. A combination of chemical and mechanical methods was used for the extraction of bamboo fibers. Conventional methods of compression molding technique (CMT) and roller mill technique (RMT) were explored for the mechanical separation. Fiber population from both the techniques were characterized. Mechanical properties of the fibers also were evaluated. Bamboo fibers obtained from CMT and RMT were used to make unidirectional composites of polyester. High values of tensile strength were observed in all the composites. The predominant mode of failure for the composite was shown to be the cracking of the fiber-matrix interface. Quantitative results from this study will be useful for further and more accurate design of bamboo reinforced composite materials.