In this paper, the flexural behavior of High-performance Fiber-Reinforced Cementitious Composite (HPFRCC) has been investigated, especially focusing on the localization of cracks, which significantly governs the flexural behavior of HPFRCC members. From four points bending tests with HPFRCC members, it was observed that almost evenly distributed cracks formed gradually, followed by a localized crack that determined the failure of the members. In order to investigate the effect of a localized crack on the flexural behavior of HPFRCC members, an analytical procedure has been developed with the consideration of intrinsic inhomogeneous material properties of HPFRCC such as cracking and ultimate tensile strengths. From the comparison, while the predictions with homogeneous material properties overestimated flexural strength and ductility of HPFRCC members, it was found that the analysis results considering localization effect with inhomogeneous material properties showed good agreement with the test results, not only the flexural strength and ductility but also the crack widths. The test results and the developed analysis procedure presented in this paper can be usefully applied for the prediction of flexural behaviors of HPFRCC members by considering the effect of localized cracking behavior.