Functionally graded coating (FGC) has played a pivotal role in numerous engineering applications owing to its exceptional properties. This work proposes a novel elastohydrodynamic lubrication (EHL) model with FGC, in which the elastic deformation and stress are computed using influence coefficients (ICs) and discrete convolution‐fast Fourier transform (DC‐FFT) algorithm. Comparisons are made with homogeneous EHL solutions and finite element analysis (FEA) to validate its accuracy. The study systematically explores how coating elastic modulus, coating thickness and substrate elastic modulus influence contact and lubrication behaviours. The developed model is expected to establish a theoretical framework for FGC material design, enhancing the performance of friction pairs.