Stress concentration is the accumulation of stress in a body due to a sudden change in its geometry. Stresses and stress concentrations are created at the nearer area of the structural discontinuities. Any structural discontinuity compromises the strength of the structure. Numerical approaches can be used to determine the maximum stress concentration for various complex geometries without regard to time or cost constraints. The current study gives a thorough finite element analysis of stress concentration in a structural steel plate with a polygonal cutout. In contrast to orientation and area, this study looks at an isotropic finite plate for the stress concentration factor (SCF) with central polygonal cutouts (triangular, square, pentagonal, and hexagonal). ANSYS, a finite element program, calculates the von Mises stresses, and based on the results, stress concentrations are calculated. The orientation of polygonal cutouts in a square plate and the constant area of polygonal cutouts in a square plate are two parameters considered in the calculation. These results are verified by literature for the orientation of the hole, which concludes that a square hole position parallels the loading direction showing a 50% reduction in stress concentration factor.