A close form solution of the maximum deflection for cracked columns with rectangular cross-sections was developed and thus the elastic buckling behavior and ultimate bearing capacity were studied analytically. First, taking into account the effect of the crack in the potential energy of elastic systems, a trigonometric series solution for the elastic deflection equation of an arbitrary crack position was derived by use of the Rayleigh-Ritz energy method and an analytical expression of the maximum deflection was obtained. By comparison with the rotational spring model (Okamura et al. 1969) and the equivalent stiffness method (Sinha et al. 2002), the advantages of the present solution are that there are few assumed conditions and the effect of axial compression on crack closure was considered. Second, based on the above solutions, the equilibrium paths of the elastic buckling were analytically described for cracked columns subjected to both axial and eccentric compressive load. Finally, as examples, the influence of crack depth, load eccentricity and column slenderness on the elastic buckling behavior was investigated in the case of a rectangular column with a single-edge crack. The relationship of the load capacity of the column with respect to crack depth and eccentricity or slenderness was also illustrated. The analytical and numerical results from the examples show that there are three kinds of collapse mechanisms for the various states of cracking, eccentricity and slenderness. These are the bifurcation for axial compression, the limit point instability for the condition of the deeper crack and lighter eccentricity and the fracture for higher eccentricity. As a result, the conception of critical transition eccentricity $(e/h)_c$, from limit-point buckling to fracture failure, was proposed and the critical values of $(e/h)_c$ were numerically determined for various eccentricities, crack depths and slenderness.