This investigation compares the dynamic simulation results of perfect, elastically-supported, axially-functionally-graded (AFG) beams between viscoelastic and elastic models. When modeling and simulating the dynamics of AFG beams, the elastic model is commonly assumed so as to simplify calculations. This investigation shows how the dynamics varies if viscosity is present. The nonlinear continuous/discretized, axial/transverse motion derivation procedure is explained briefly based on Hamilton’s principle for energy/energy-loss, Kelvin–Voigt viscosity, elastic foundation assumption, and exponential functions for material and geometric variations along the axial axis. A comparison between elastic and Kelvin–Voigt viscoelastic AFG beams on an elastic foundation shows that the viscosity influences the asymmetric dynamics of AFG beams; the viscosity effects become more dominant for larger motion amplitudes, for example.