Recently, the demand for sheet metals has been increasing to reduce the size and weight of mechanical parts and structures. Various nondestructive inspection techniques have been studied to evaluate the soundness of sheet metal. The infrared thermography technique has advantages such as portability and large inspection area, but it is difficult to accurately measure the depth of defects in sheet metals. Therefore, to measure the depth of defects, this study has shown the correlation between the standard thermal contrast, defect diameter, defect depth, and thermal conductivity of various materials. In order to investigate the correlation between the standard thermal contrast and the diameter and depth of defects, defects were machined into 1-mm-thick sheet metal. The defect diameters were 2, 3, and 4 mm, and the depths were 0.3, 0.4, and 0.5 mm. The specimens were made of STS304, A1050, and C1020 to investigate the correlation between the standard thermal contrast and thermal conductivity of the materials. The maximum standard thermal contrast of the defects in the STS304 specimen was higher as the defect diameter was larger and the defect depth was shallower. In addition, the lower the thermal conductivity of the material, the higher the maximum standard thermal contrast. This relationship can be represented by an equation, and the depth of the defects estimated by the equation was compared with the actual depth of the defects.