Lip-shaped holes are conventionally seen in industrial sheet structures. Due to the notch-type cusp in these holes, the stress intensity around the cusp is the main reason for failure. Hence, the stress intensity factor investigation is crucially important in these holes. The current study focuses on the stress intensity factor around lip-shaped holes in finite and infinite sheets using numerical and experimental methods. In the first step, the stress intensities around a lip-shaped hole with various geometry in infinite sheets were numerically determined by the ANSYS software. Then, focusing on the finite sheet, the effect of sheet size and hole geometry on the stress intensity factor were investigated in finite sheets. Results were in great agreement with the analytical solutions proposed in the literature. In this section, the T-stress parameter was also determined in all cases. The T-stress in most cases considerable, meaning that this parameter must be taken into account in industrial design and assessments. In the second step, the digital image correlation technique was employed for validation. Three specimens with various hole geometries were tested, and the validation was successfully done.