A new axisymmetric crack model is proposed on the basis of p-version of the finite element method limited to theory of small scale yielding. To this end, axisymmetric stress element is formulated by integrals of Legendre polynomial which has hierarchical nature and orthogonality relationship. The virtual crack extension method has been adopted to calculate the stress intensity factors for 3-D axisymmetric cracked bodies where the potential energy change as a function of position along the crack front is calculated. The sensitivity with respect to the aspect ratio and Poisson locking has been tested to ascertain the robustness of p-version axisymmetric element. Also, the limit value that is an exact solution obtained by FEM when degree of freedom is infinite can be estimated using the extrapolation equation based on error prediction in energy norm. Numerical examples of thick-walled cylinder, axisymmetric crack in a round bar and internal part-thorough cracked pipes are tested with high precision.