The problems of steady‐state and free oscillations of functionally graded hollow cylinders are considered in the present article, with the cylinders' properties considered changing along the radial or longitudinal coordinates. The stress–strain state was described using the model of an isotropic body with the variable Lamé parameters and density. The cylinders were assumed to be subjected to the normal and tangential loads. In order to obtain the numerical problem solutions, the finite element method was employed. The effect of variable properties on the amplitude–frequency characteristics and the resonant frequencies values for various cylinders types is estimated. Some features, which can be used in solving new inverse coefficient problems on material properties identification based on acoustic sounding data, are revealed.