To achieve a rational maintenance program for aged Light Water Reactor components, it is important to establish and to improve the flaw evaluation criteria. The current flaw evaluation criteria such as ASME Boiler and Pressure Vessel Code Section XI are focused on Class 1 piping which usually shows relatively higher toughness. On the other hand, flaw evaluation criteria suitable for Class 2, 3 piping with moderate-toughness are also required because some Class 2, 3 piping systems are as important to plant safety analysis as Class 1 piping. In this study, both analytical and experimental studies were conducted to provide the evaluation method of fracture loads for acceptance criteria for Class 2, 3 piping. Pipe fracture tests by four-point bending were conducted on circumferentially cracked carbon steel pipes with moderate-toughness. The Net-Section Collapse criterion overpredicted experimental maximum loads for through-wall-cracked pipes, which suggested the necessity of Z-factor. Three-dimensional finite element analysis and simplified analysis based on the reference stress method were conducted to complement the limited pipe fracture tests. It was ascertained that the reference stress method always gave moderately conservative fracture loads compared with the finite element analysis and pipe fracture tests as well. Z-factor for Class 2, 3 piping was then derived and formulated using the reference stress method. Z for Class 2, 3 piping was affected by radius-to-thickness ratio, and was higher than Z for Class 1 piping in the present codes.