In this article, various non‐polynomial higher‐order shear deformation theories are applied for the first time to analyze the free vibration and transient responses of plates with functionally graded material (FGM) supported on an elastic foundation. The shear deformation theories account for the non‐linear variation of the transverse shear strains with various warping functions, namely trigonometric, inverse hyperbolic, and inverse trigonometric ones. These models also inherently satisfy the traction‐free boundary conditions of transverse shear stresses at the top and bottom surfaces of the plates and do not require any shear correction factor. A two‐parameter model, namely Winkler‐Pasternak's elastic foundation model, is utilized to develop the interaction between the FGM plates and the elastic medium. The governing equations of motion are obtained using Hamilton's principle and solved analytically using Navier's solution scheme. Furthermore, the transient responses of the plates are obtained using Newmark's average acceleration method. The applicability of the present theories is established by solving several numerical problems and validating the results with the solutions available in the literature. The effects of various parameters like span‐thickness ratios, aspect ratios, gradation coefficients, mechanical loads, and foundation stiffness on the fundamental frequencies and the transient responses of the plates are thoroughly investigated. The comparison of the results reveals the efficiency of the non‐polynomial functions, and the capability of efficient prediction of the structural responses of the FGM plates at a similar computational cost compared to established models in the literature. Furthermore, the results show that the stiffness of the elastic foundation can tweak the stiffness characteristics of the FGM plate resulting in significant changes in the natural frequencies and more controlled displacement‐time responses.