The deformation of elastic-perfectly plastic beam or plate under combined through-thickness membrane and bending stresses (i.e., structural stress) is analyzed in this paper. Closed-form solutions of “plane-remains-plane” strain (i.e., structural strain) distribution as a function of applied stress and yield strength is derived. The relationship between structural stress and structural strain is also revealed for gaining insights on not only the plastic collapse conditions, but also through-thickness deformation behaviors leading to limit state. Based on the closed-form strain solutions, four deformation modes are identified: (1) elastic, (2) one-side yielding, (3) two-side yielding, and (4) plastic collapse. A membrane-bending stress interaction diagram is constructed to depict four zones that are associated with the four deformation modes in the normalized membrane and bending stress space. Closed-form solutions of residual stress, residual strain, and structural stress range-strain range relation after a loading-unloading cycle are also derived. Based on the parabolic plastic collapse stress limit curve, parabolic design stress limit curves with coherent safety margins for any combinations of membrane and bending stresses are constructed. The new insights gained in this study offer a more consistent definition of design stress limit than those used in the current codes and standards, e.g., ASME BP&V Code.