Various bifurcation behaviors, including asymmetric axial buckling induced by end thrust, bifurcation under external pressure, and eversion without any loading, of a soft circular hollow cylinder (or cylindrical shell) composed of functionally graded incompressible elastomeric material are considered in a unified way. Based on the nonlinear elasticity theory of a deformable continuous body undergoing large deformation and the linearized incremental theory for a superimposed infinitesimal deformation, an efficient approach for buckling analysis is developed and applied to the cylinder subjected to a combination of axial end thrust and internal/external pressure. It is based on the state-space formalism, which naturally avoids the derivatives of instantaneous material constants, enabling a convenient and accurate numerical implementation. Along with the layerwise method, an analytical characteristic equation (i.e. the bifurcation criterion) governing the general asymmetric buckling of the cylinder is derived. Detailed parametric studies are then carried out for a pressurized soft functionally graded hollow cylinder using an incompressible Mooney-Rivlin material model. The effects of material gradient on bifurcation induced either by end thrust or external pressure are discussed through numerical examples. Not only does this study provide an efficient tool for buckling analysis of soft cylinders, some findings that are unique to a functionally graded material are also highlighted. All in all, it is found highly possible to tune the bifurcation behavior of soft elastomeric cylindrical shells by tailoring material composition and/or adjusting the pressures acting on the surfaces of the cylinder.