Composite plates with holes are common in engineering applications, such as the automotive and aerospace industries. Three-dimensional braided carbon/epoxy polymers are an advanced textile composite and are used in various structures due to their high damage resistance and relatively low manufacturing cost. When a braided polymer plate with a hole is used in engineering applications, it is necessary to know its mechanical behavior under loading conditions using analysis theory to design it better. However, the effects of stress distribution with shear deformation theories on the variable thickness of the braided polymer plate (carbon/epoxy) with a hole under tensile loading have not been reported yet. In this paper, a study is conducted to evaluate shear deformation theories for a braided polymer plate with variable thickness and a hole in the center, analyzing the stresses and their concentration variations. First, multiscale modeling and analysis are performed to determine the mechanical properties of the plate. Then, finite element analyses are performed on a homogenized macro plate with a hole. The analysis process is verified by comparison with the available literature. Results show that the first-order shear deformation theory calculates 37, 56, and 70 percent less maximum transverse shear stress than the high-order shear deformation theory (Reissner–Mindlin) and the elasticity theory for thin, moderately thick, and thick braided polymer plates, respectively. Additionally, changing the theory has no significant effect on circumferential stress, radial stress, Von Mises stress, and stress concentration factor. As a result, this research can provide researchers and designers with structural intuition for a braided polymer plate with a center hole.