In this study, a plate with a variable shape cut-out is statically and dynamically analysed. The isotropic steel plate is considered for analysis using ANSYS Workbench. The plate is subjected to a lateral load with different boundary conditions. Three corners of the plate are clamped, and the fourth is loaded; two adjacent edges are clamped, and the free corner is loaded; and one edge is clamped, and the opposite edge is loaded. The amount of load applied in the three conditions is the same. Maximum stress and maximum deflection at the surrounding the cut-out are measured when the cut-out’s shape is changed from a square to a circle. The frequency (fundamental) is also reported in the analysis. The pattern of maximum stress, fundamental frequency, and maximum deflection are considered to make a comparison by changing loading and boundary conditions mentioned above. The results from the present analysis are useful to strengthen plates where cut-outs are present.