A theoretical analysis is presented for obtaining, by use of Theodorsen's propeller theory, the load distribution along a propeller radius to give the optimum propeller efficiency for any design condition. The efficiencies realized by designing for the optimum load distribution are given in graphs, and the optimum efficiency for any design condition may be read directly from the graph without any laborious calculations. Examples are included to illustrate the method of obtaining the optimum load distributions for both single-rotating and dual-rotating propellers.