This work describes the devulcanization of vulcanized SBR (Styrene Butadiene Rubber) based on controlled oxidation with nitric acid. IR, 1H and 13C-NMR, CHN elemental analyses, TG, GPC and TPD-MS (Temperature Programmed Decomposition-Mass Spectrometry) experiments suggest that nitric acid promotes two processes: (i) devulcanization by oxidation of the sulfide crosslinks and (ii) oxidation of the carbon framework leading to the formation of -COOH and -NO2 groups. Under aggressive conditions (HNO3, reflux) the polymer chain is strongly oxidized and fragmented to a highly oxygenated low molecular weight fraction, which is soluble in water.