Thermal performance of a loop heat pipe with two evaporators and two condensers was examined using a lumped network model analysis. Thermosyphon-type vertical loop heat pipe and capillary-pump-type horizontal loop heat pipe were calculated by examining the change of heating rate of two evaporators. Calculation results showed that the vapor and liquid flow rates in the loop heat pipe and the thermal conductance of the heat pipe changed significantly depending on the distribution ratio of the heating rate of the multiple evaporators. The thermal performance of the vertical loop heat pipe with two evaporators was also examined and experimental results of flow direction and thermal conductance of the heat pipe agreed with the analytical results. The lumped network model analysis is therefore considered accurate and preferable for the practical design of a loop heat pipe with multiple evaporators.