The $40\%$ of wall criterion, which is generally used for the plugging of steam generator tubes, is applied only to a single crack. In a previous study, a total number of 9 failure models were proposed to estimate the local failure of the ligament between cracks, and the optimum coalescence model of multiple collinear cracks was determined among these models. It is, however known that parallel axial cracks are more frequently detected than collinear axial cracks during an in-service inspection. The objective of this study is to determine the plastic collapse model that can be applied to steam generator tubes containing two parallel axial through-wall cracks. Three previously proposed local failure models were selected as the candidates. Subsequently, the interaction effects between two adjacent cracks were evaluated to screen them. Plastic collapse tests for the plate with two parallel through-wall cracks and finite element analyses were performed to determine the optimum plastic collapse model. By comparing the test results with the prediction results obtained from the candidate models, a COD base model was selected as an optimum model.