In this study the plastic buckling analysis of a simply supported plate under biaxial compression/tension loading is carried out considering the plastic compressibility. Plastic buckling of a biaxially loaded rectangular plate is governed by two kinds of mechanism, the tension strengthening and plastic weakening under which the optimal combination of tension and compression is obtained for the buckling strength. To consider the plastic compressibility, the Drucker-Prayer plastic potential is employed. General eigenvalue equations are derived for a rectangular plate within the framework of small strain plasticity and isotropic hardening.