Crack problems in transversely isotropic solids are reexamined from a new point of view. It is shown that, when the crack is on the isotropic plane, the asymptotic forms of the elastic crack-tip fields are identical with those in orthotropic media. The equivalent inclusion method in conjunction with Eshelby’s S tensor of a strongly oblate spheroid in transversely isotropic materials is used to solve penny-shaped crack problems. The stress intensity factors corresponding to uniform tension and shear are determined, respectively. Griffith’s energy criterion for brittle cracking and Irwin’s energy release rate are discussed in the present context. Finally, the weight function for an axisymmetrically loaded penny-shaped crack is derived. It is found that the axisymmetric weight function is independent of the material constants and is identical with the isotropic case.