Use of syntactic foam as core material in the sandwich structured composites is increasing due to its higher compressive strength, damage tolerance and low moisture absorption compared to the open cell structured foams. Extensive microscopic examination of the syntactic foams tested under compressive and three-point bending conditions is undertaken in this study. The aim of the investigation is to determine the local fracture mode and correlate it with the microscopic structure of the material. Local stress states are identified in the material based on the microscopic fracture features. Syntactic foam tested in the study has resin to microballoons ratio of 1.52 by weight. Compression tests were conducted on the syntactic foam specimens having two different aspect rations, which were 0.4 and 0.91. Three-point bend tests were conducted on the sandwich structures containing syntactic foam as core material and glass fabric as the skin material.