Zelkova serrata is an important hardwood species for the timber industry in Japan. Tree breeding programs for this species have mainly focused on growth characteristics such as stem diameter (D), tree height (TH), stem form, and branching. In order to fulfill timber industry needs, wood quality improvement should be included in the tree breeding program of this species. In the present study, growth characteristics, such as D and TH, and the stress-wave velocity (SWV), which is highly correlated with Young's modulus of wood, were measured for 20-year-old Z. serrata from eight half-sib families planted in a progeny test site with three different initial spacings. Significant differences in all the measured characteristics were found among the eight half-sib families. The variance components of the half-sib families for D, TH, and SWV were 27.2%, 47.3%, and 33.5%, respectively. These results indicate that all the measured characteristics of this species could be improved by tree breeding programs. In addition, only low correlation coefficients were obtained between the growth characteristics and SWV, indicating that extensive selection on SWV in tree breeding programs may not always lead to a reduction in yield volume.