In this study, steady-state analytical modeling of a loop heat pipe (LHP) equipped with a flat evaporator is presented to predict the temperatures and pressures at each important part of the LHP—evaporator, liquid reservoir (compensation chamber), vapor-transport tube, liquid-transport tube, and condenser. Additionally, this study primarily focuses on analysis of the evaporator—the only LHP component comprising a capillary structure. The liquid thin-film theory is considered to determine pressure and temperature values concerning the region adjacent to the liquid-vapor interface within the evaporator. The condensation-interface temperature is subsequently evaluated using the modified kinetic theory of gases. The present study introduces a novel method to estimate the liquid temperature at the condensation interface. Existence of relative freedom is assumed with regard to the condenser configuration, which is characterized by a simplified liquid–vapor interface. The results obtained in this study demonstrate the effectiveness of the proposed steady-state analytical model with regard to the effect of design variables on LHP heat-transfer performance. To this end, the condenser length, porosity of its capillary structure, and drop in vapor temperature therein are considered as design variables. Overall, the LHP thermal performance is observed to be reasonably responsive to changes in design parameters.