We study the Yangians Y(a) associated with the simple Lie algebras a of type B, C or D. The algebra Y(a) can be regarded as a quotient of the extended Yangian X(a) whose defining relations are written in an R-matrix form. In this paper we are concerned with the algebraic structure and representations of the algebra X(a). We prove an analog of the Poincaré-Birkhoff-Witt theorem for X(a) and show that the Yangian Y(a) can be realized as a subalgebra of X(a). Furthermore, we give an independent proof of the classification theorem for the finite-dimensional irreducible representations of X(a) which implies the corresponding theorem of Drinfeld for the Yangians Y(a). We also give explicit constructions for all fundamental representation of the Yangians.