In this paper, an analytical model of eddy current testing of a metal tube has been proposed to evaluate circumferential cracks from the signals of the magnetic field. First, based on Maxwell’s equations in time-harmonic form, magnetic vector potential equations for each region of space are built under two different configurations of the bobbin probe and the encircling probe respectively. Next, the magnetic vector potentials are solved by imposing conditions at the interface. Then, series expressions of the radical and axial magnetic induction intensities have been obtained. In addition, based on the proposed modeling, the influences of cracks at different locations on the surface magnetic field have been analyzed. The results have shown that the radial magnetic induction intensity increases while the axial magnetic induction intensity decreases for the internal and external cracks with the same shape and size on the surface of the metal tube. Moreover, the magnetic induction intensity has shown much more sensitive property to external cracks than it has done to internal cracks for the encircling probe. However, for the bobbin probe, the magnetic induction intensity has demonstrated almost the same sensitivity in detection for both internal and external cracks in the metal tube. The researching results have important theoretical and practical significance for understanding the physical process of eddy current testing, optimizing parameters of the experimental system and building the inversion model.