A three-dimensional stress-strain relationship derived from a strain energy function of the exponential form is proposed for the arterial wall. The material constants are identified from experimental data on rabbit arteries subjected to inflation and longitudinal stretch in the physiological range. The objectives are: 1) to show that such a procedure is feasible and practical, and 2) to call attention to the very large variations in stresses and strains across the vessel wall under the assumptions that the tissue is incompressible and stress-free when all external load is removed.