Previous theories for partially plastic thick-walled cylinders under internal pressure are reviewed. A quantitative comparison is given for (a) compressibility versus incompressibility of material, and (b) von Mises’ versus Tresca’s theory of failure. The former reveals that deflections at the outside and bore surfaces agree closely, although considerable percentage differences may be found in the axial stresses and strains. Large differences (except for the axial stress) are found in comparing the two theories of failure. Based on the comparison and available experimental evidence, a theory is presented in closed form to include the Hencky stress-strain relations, incompressibility, and Ludwik’s strain-hardening function.