In this article, vibration of viscoelastic axially functionally graded (AFG) moving Rayleigh and Euler-Bernoulli (EB) beams are investigated and compared, aiming at a performance improvement of translating systems. Additionally, a detailed study is performed to elucidate the influence of various factors, such as the rotary inertia factor and axial gradation of material on the stability borders of the system. The material properties of the beam are distributed linearly or exponentially in the longitudinal direction. The Galerkin procedure and eigenvalue analysis are adopted to acquire the natural frequencies, dynamic configuration, and instability thresholds of the system. Furthermore, an exact analytical expression for the critical velocity of the AFG moving Rayleigh beams is presented. The stability maps and critical velocity contours for various material distributions are examined. In the case of variable density and elastic modulus, it is demonstrated that linear and exponential distributions provide a more stable system, respectively. Furthermore, the results revealed that the decrease of density gradient parameter and the increase of the elastic modulus gradient parameter enhance the natural frequencies and enlarge the instability threshold of the system. Hence, the density and elastic modulus gradients play opposite roles in the dynamic behavior of the system.