In the present paper, radial and hoop thermal and mechanical stress analysis of a rotating disk made of functionally graded material (FGM) with variable thickness is carried out by using finite element method (FEM). To model the disk by FEM, one-dimensional twodegree elements with three nodes are used. It is assumed that the material properties, such as elastic modulus, Poisson's ratio and thermal expansion coefficient, are considered to vary using a power law function in the radial direction. The geometrical and boundary conditions are in the shape of two models including thermal stress (model-A) and mechanical stress (model-B). In model-A there exists no pressure in both external and internal layers, and there is a temperature distribution considered as a second order function in the radial direction of the rotating disk. In this case, the temperature dependency of the material properties is considered and a hyperbolic type is assumed for the geometry of the disk. In model-B, there is a constant pressure only on the internal layer and a pressure on the internal layer of the disk without temperature distribution but with different types of surface profiles. Furthermore, the displacements and stresses for various power law indices (N) and angular velocities are calculated and compared to other results in the literature. The effect of varying thicknesses and dependency of material properties on temperature distribution is investigated.