In this paper, the effects of specimen size and crack length on the fracture toughness of polycrystalline graphite are studied. The experimental results reported in the previous studies showed that the fracture toughness of graphite increase in bigger specimen. It has been also demonstrated that the fracture toughness of graphite is nearly identical in specimens with crack length ratio less than 0.7 but decreases for grater crack length ratios. To justify the size and crack length dependency of fracture toughness, the modified form of maximum tangential stress (MMTS) criterion, which makes the use of higher order terms in calculating the stress field around the crack tip is employed. It is shown that the MMTS criterion can provide good estimates for the fracture toughness of graphite obtained from specimen with different sizes. It is also indicated that the MMTS criterion can predict very good the reported experimental fracture toughness data for samples with the crack length ratios less than 0.7.