The cold-formed steel members often require web openings to save interior space and allow for building services such as mechanical piping, electrical wiring, and air conditioning systems. Stress distribution in members with openings is different from members without holes, and therefore, their characteristics, shape, and modes of buckling are dissimilar which results in distinct behavior that could increase or decrease elastic buckling capacity and ultimate strength. In this study, analytical solutions for the local buckling of cold-formed steel webs with rectangular holes subjected to compression, bending and their combination are developed and summarized. The effects of flanges and other forces such as shear and torsion are not considered. The main variables are height of openings to height of web, aspect ratio of openings, and stress distribution gradient above or under the hole. These solutions can be used for a wide range of rectangular web openings for any sections. Analyses were conducted using energy-based methods, and the results were compared with numerical data obtained from the commercial finite element software (ABAQUS). The numerical results demonstrate that the three of the six proposed formulas can be used to predict the critical buckling stress of cold-formed steel webs with rectangular holes with regard to the aspect ratio of the web opening.