This paper deals with a two-dimensional stress analysis of butt adhesive joints with a circular hole defect in an adhesive subjected to external bending moments. Assuming that adherends are rigid and replacing an adhesive with a finite strip including a hole defect, the analysis is done using the two-dimensional theory of elasticity in order to examine the strength of joints. The effects of the location and size of a hole defect on the stress distributions around the hole and at the interfaces are shown by numerical computations. For verification, photoelastic experiments are performed. The analytical result is in fairly good agreement with the experimental result. As a result, it is seen that the principal stress around a hole becomes larger with an amount of shift to the free boundary and it is seen that the stress concentration becomes larger with an increase of the size of a hole.