The present article deals with the buckling response of functionally graded multilayer graphene platelet-reinforced composite (FG-GPL RC) rectangular plates with circular/elliptical cutouts resting on a Winkler-type elastic foundation under uniaxial and biaxial normal and shear loads. Rule of mixtures and the Halpin–Tsai approach are applied to obtain the effective Poisson’s ratio, mass density, and elastic modulus of the reinforced composite. The governing equations are developed by applying the third-order shear deformation plate theory. Then, the finite element procedure is used to solve the problem. Four different types of graphene platelet distributions, namely, UD, FG-X, FG-V, and FG-O, are considered. A broad range of factors such as plate aspect ratio, plate slenderness ratio, applying uniaxial and biaxial normal and shear loads to the plate, several Winkler elastic foundation stiffness parameters, different displacement boundary conditions, the effect of size of the circular cutout and orientation of the elliptical cutout, and the influence of GPL weight fraction are discussed in several tabular and graphical data in detail.