A method for selecting mechanical properties and geometry of reinforcing overlays to increase the strength of composite structural elements with holes has been developed. The method is based on the developed algorithm for calculating stress concentration near holes reinforced with inserted rings or glued composite reinforcing overlays. The determination of stresses near holes and overlays is reduced to solving a system of singular integral equations. The kernels of these equations are constructed using Green’s solution, which allows a reduction in the number of equations to four. It is shown that the stress concentration near holes can be significantly reduced by optimizing the thickness, elastic properties, and shape of the overlays. The stress calculations performed based on the three-dimensional theory of elasticity confirmed the reliability of the results obtained within the framework of the plane problem of an anisotropic body. The results obtained, in accordance with the concept of sustainable development, enable the develop simple methods for increasing reliability, reducing material consumption, and reducing the manufacturing and operating costs of composite structures in the aerospace and mechanical engineering industries.