This paper deals with nonlinear free axisymmetric vibrations of functionally graded (FG) thin circular plates whose properties vary in thickness. The inhomogeneity of the plate is characterized by a power law variation of the Young's modulus and mass density of the material along the thickness direction, whereas Poisson's ratio is assumed to be constant. The theoretical model is based on Hamilton's principle and spectral analysis using a basis of admissible Bessel's functions to yield the frequencies of the circular plates under clamped boundary conditions on the basis of the classical plate theory. The large vibration amplitudes problem, reduced to a set of nonlinear algebraic equations, is solved numerically. The nonlinear to linear frequency ratios are presented for various values of the volume fraction index n showing a hardening type nonlinearity. The distribution of the radial bending stresses associated to the nonlinear mode shape is also given for various vibration amplitudes and compared with those predicted by the linear theory. Then, explicit analytical solutions are presented, based on the semi-analytical model previously developed by El Kadiri et al. for beams and rectangular plates. This model allows direct and easy calculation for the first nonlinear axisymmetric mode shape with its associated nonlinear frequencies and nonlinear bending stresses of FG circular plates, which are expected to be very useful in engineering applications and in further analytical developments. An excellent agreement is found with the results obtained by the iterative method.