Two-dimensional elastic analysis of doubly periodic circular holes in an infinite plane is given in this paper. Two cases of loading, remote tension and remote shear, are considered. A rectangular cell is cut from the infinite plane. In both cases, the boundary value problem can be reduced to a complex mixed one. It is found that the eigenfunction expansion variational method is efficient to solve the problem. Based on the deformation response under certain loading, the notched medium could be modeled by an orthotropic medium without holes. Elastic properties for the equivalent orthotropic medium are investigated, and the stress concentration along the hole contour is studied. Finally, numerical examples and results are given.