Demineralized bone matrix fibers and demineralized bone compositions are provided. Implantable demineralized bone matrix compositions include elongated bone fibers having an average length from about 2 cm to about 6 cm and an aspect ratio from about 50:1 to about 1000:1. The demineralized bone matrix compositions also include a carrier in an amount sufficient to produce a cohesive formable mass. The elongated fibers can easily entangle to provide an improved demineralized bone matrix having increased osteoconductivity.