Elastic stability criterion is generally formulated based on local elasticity where the second order elastic constants of a crystalline system in an arbitrary deformed state are required. While simple in formalism, such formulation demands extensive computational effort in either ab initio calculation or atomistic simulation, and often lacks clear physical interpretation. Here we present a nonlinear theoretical formulation employing higher order elastic constants beyond the second-order ones; the elastic constants needed in the theory are those at zero stress state, or in any arbitrary deformed state, many of which are now available. We use the published second and higher order elastic constants of several cubic crystals including Au, Al, Cu, as well as diamondstructure Si, with transcription under different coordinate frames, to test the stability conditions of these crystals under uniaxial and hydrostatic loading. The stability region, ideal strength, and potential bifurcation mode of those cubic crystals under loading are obtained using this theory. The results obtained are in very good agreement with the results from ab initio calculation or embedded atom method. The overall good quality of the results confirms the desired utility of this new approach to predict elastic stability and related properties of crystalline materials without involving intense computation.