This paper proposes a simple single variable shear deformation theory for an isotropic beam of rectangular cross-section. The theory involves only one fourth-order governing differential equation. For beam bending problems, the governing equation and the expressions for the bending moment and shear force of the theory are strikingly similar to those of Euler–Bernoulli beam theory. For vibration and buckling problems, the Euler–Bernoulli beam theory governing equation comes out as a special case when terms pertaining to the effects of shear deformation are ignored from the governing equation of present theory. The chosen displacement functions of the theory give rise to a realistic parabolic distribution of transverse shear stress across the beam cross-section. The theory does not require a shear correction factor. Efficacy of the proposed theory is demonstrated through illustrative examples for bending, free vibrations and buckling of isotropic beams of rectangular cross-section. The numerical results obtained are compared with those of exact theory (two-dimensional theory of elasticity) and other first-order and higher-order shear deformation beam theory results. The results obtained are found to be accurate.