In part Ⅰ and Ⅱ of this series, experimental investigation in both EPFM and LEFM had been discussed. In this part, further theoretical analysis is given. The theoretical development of Two Parameter Fracture Mechanics by Hancock etc, has rationalized our experimental results. This method can be applied to engineering practice, and will allow the advantage of enhanced toughness for specimens with low levels of constraint to be taken into account for defect assessment.