Microcrystalline cellulose pellets for oral drug delivery are often produced by a combined wet extrusion-spheronization process. During the entire process, the cylindrical as well as the spherical pellets are exposed to various stresses resulting in a change of their shape and size due to plastic deformation and breakage. In this work, the effect of moisture content of pellets on their mechanical behavior is studied. In static compression tests, the strong influence of water content on deformation behavior of pellets is confirmed. Moreover, impact tests are performed using a setup consisting of three high-speed cameras to record pellet-wall collisions. Material properties, such as stiffness, restitution coefficient, breakage force, and displacement, were analyzed depending on the water content.