The stress potential function theory for the plane elasticity of octagonal quasicrystals is developed. By introducing stress functions, a large number of basic equations involving the elasticity of octagonal quasicrystals are reduced to a single partial differential equation. Furthermore, we develop the complex variable function method (Lekhnitskii method) for anisotropic elasticity theory to that for quasicrystals. With the help of conformal transformation, an exact solution for the elliptic hole of quasicrystals is presented. The solution of the Griffith crack problem, as a special case of the results, is obtained. As a consequence, the phonon stress intensity factor is derived analytically. The stress potential function theory for the plane elasticity of octagonal quasicrystals is developed. By introducing stress functions, a large number of basic equations involving the elasticity of octagonal quasicrystals are reduced to a single partial differential equation. (Lekhnitskii method) for anisotropic elasticity theory to that for quasicrystals. With the help of conformal transformation, an exact solution for the elliptic hole of quasicrystals is presented. The solution of the Griffith crack problem, as a special case of the results, is obtained As a consequence, the phonon stress intensity factor is derived analytically.