This paper investigates the aeroelastic flutter and vibration reduction of functionally graded (FG) multilayer graphene nanoplatelets (GPLs) reinforced composite plates with piezoelectric patch subjected to supersonic flow. Activated by the control voltage, the piezoelectric patch can generate the active mass and active stiffness that can accordingly increase the base plate’s stiffness and mass. As a result, it changes the GPLs reinforced plate’s dynamic characteristics. The motion equation of the plate-piezoelectric system is derived through the Hamilton principle. Based on the modified Halpin–Tsai model, the effects of graphene nanoplatelets weight fraction and distribution pattern on the dynamic behaviors of the plate are numerically studied in detail. The result illustrates that adding a few amounts of grapheme nanoplatelets can effectually enhance the aeroelastic properties of the plates. Two kinds of control strategies, including the displacement and acceleration feedback control, are applied to suppress the occurrence of the flutter of the plate. It shows that the displacement and acceleration feedback control can improve the critical flutter Mach number of the plate by attaching active stiffness and active mass, respectively. Furthermore, the combined displacement and acceleration feedback control has a better control effect than that of considering only one of them.