Diamond is the hardest natural material, but its practical strength is low and its elastic deformability extremely limited. While recent experiments have demonstrated that diamond nanoneedles can sustain exceptionally large elastic tensile strains with high tensile strengths, the size- and orientation-dependence of these properties remains unknown. Here we report maximum achievable tensile strain and strength of diamond nanoneedles with various diameters, oriented in <100>, <110> and <111> -directions, using in situ transmission electron microscopy. We show that reversible elastic deformation depends both on nanoneedle diameter and orientation. <100> -oriented nanoneedles with a diameter of 60 nm exhibit highest elastic tensile strain (13.4%) and tensile strength (125 GPa). These values are comparable with the theoretical elasticity and Griffith strength limits of diamond, respectively. Our experimental data, together with first principles simulations, indicate that maximum achievable elastic strain and strength are primarily determined by surface conditions of the nanoneedles.