A better understanding of the tensile performance and tensile failure mechanism of cement paste is significant in preventing rock reinforcement failure. Therefore, this paper aims to reveal the tensile performance and failure mechanism of a modified Portland cement: Stratabinder HS cement. To achieve this objective, the split tensile test was conducted on specimens followed by simulating the failure mechanism numerically. The results indicated that the water–cement rate significantly influenced the tensile performance of the cement paste. When the water–cement rate increased from 0.35 to 0.42, the tensile strength declined from 1.9 MPa to 1.5 MPa. It was also observed that vertical tensile failure constantly occurred regardless of the water–cement rate. During the testing process, tensile cracks and shear cracks occurred. The increasing rate in the number of specimen cracks was dependent on the tensile stress state. Before the tensile stress reached the peak, the crack quantity increased slightly. After the peak, the crack quantity increased dramatically. During the vertical loading process, horizontal tensile stress occurred in the specimen. This horizontal tensile stress zone showed a diamond shape. The higher the tensile stress is, the larger the area of the horizontal tensile stress zone. When the tensile strength was reached, horizontal tensile stress mainly concentrated at the vertical centre of the specimen. This finally led to tensile failure of the specimen. This paper indicated that the water–cement rate was the key factor in evaluating the tensile strength of the Stratabinder HS cement.