The internal fluid pressure holding capacity of the isotropic toroidal pressure vessel (TPV) with a circular cross-section can be enhanced by the external wrapping of fiber-reinforced polymer (FRP) composites. An analytical solution for this metal-FRP hybrid TPV is not readily available. This study presents an approximate analytical solution to predict strains and stresses in the base metal and FRP layer in the metal-FRP TPV. The solution is derived based on modified-linear membrane theory (MLMT). This energy-based approach overcomes the deficiency of singular displacements commonly observed in a pure linear membrane theory. The solution considers an equivalent metal thickness for the FRP layer. The proposed solution is cross-verified with results of finite element analysis. Three-dimensional FE models were created and analyzed. Comparison of FE results with analytical predictions shows that the assumption of FRP as an equivalent isotropic material results in a more straightforward solution besides providing the better prediction of strains and stresses in the metal-FRP TPV.