In this study, microstructure of a porosity‐graded lanthanum strontium manganite (LSM) cathode of solid oxide fuel cells (SOFCs) has been characterized using focused ion beam (FIB) and scanning electron microscopy (SEM) combined with image processing. Two‐point correlation functions of the two‐dimensional (2D) images taken along the direction of porosity gradient are used to reconstruct a three‐dimensional (3D) microstructure. The effective elastic modulus of the two‐phase porosity‐graded cathode is predicted using strong contrast (SC) and composite inclusion (CI) homogenization techniques. The effectiveness of the two methods in predicting the effective elastic properties of the porosity‐graded LSM cathode is investigated in comparison with the results obtained from the finite element model (FEM).