We successfully produced vapor-grown carbon-fiber (VGCF)-incorporated polymer-based functionally graded materials (FGMs) using a centrifugal method. Gradual VGCF incorporation within an epoxy resin effectively produced depth gradients in the fiber distribution, microstructure, mechanical, and electrical conductivities and microwave absorbing properties. This VGCF-grading capability indicated that it is possible to tailor desired gradient filler content distributions by careful selection of the processing parameters to control variations in the property and microstructure precisely. The results confirmed that the volume content of VGCF in the epoxy substrate increased as a function of the normalized thickness along the centrifugal force direction, which caused a gradient. A uniform VGCF gradient in the composite can also be observed using field-emission scanning electron microscopy. In the case of the electrical properties, for example, the volume resistance exhibited a depth-graded distribution in the matrix as the electrical conductivity of the FGM nicely followed the grading direction; this is considered to be ideal for applications demanding an electrically conductive surface and an insulating core for FGMs. The results of microwave absorption behavior of FGMs indicate that the grading structure can lead to a graded absorption ability, which could be a better design for microwave absorption materials. The concept of FGMs bridges conventional materials and nanocomposites and will be effective for wider material applications. POLYM. COMPOS., 34:1774COMPOS., 34: -1781COMPOS., 34: , 2013