The tensile mechanical behavior of water-saturated earlywood (EW) and latewood (LW) within the same growth ring of Masson pine (Pinus massoniana) was investigated in the hydrothermal environment and discussed with respect to the density and microfibril angle (MFA) of the wood specimens. The tensile modulus, tensile strength, and strain at failure of EW and LW in the longitudinal (L) and tangential (T) directions were determined at different temperature levels ranging from 30 °C to 80 °C. Major differences in the tensile mechanical properties were found between EW and LW in the L and T directions. Compared to LW, EW showed a smaller density and a larger MFA, resulting in a lower tensile modulus, lower tensile strength, and higher strain at failure. Compared to the L specimens, the T specimens showed lower tensile modulus, lower tensile strength, and higher strain at failure. As the hygrothermal temperature increased, the MFAs, tensile modulus, and tensile strength of EW and LW specimens decreased, except for the MFAs of LW, while the strain at failure of the specimens showed the opposite trend. Variations in the tensile mechanical behavior between EW and LW were mainly influenced by the density and MFA of the specimens, and are closely associated with the hydrothermal softening properties of wood. These findings contribute to a further understanding of the structural–mechanical relationships of Masson pine wood at the cell wall level, and provide a scientific basis for the better utilization of plantation softwood in the hydrothermal environment.