The behavior of thermo-mechanical stresses in functionally graded axisymmetric rotating hollow disks with variable thickness is analyzed. The material is assumed to be functionally graded in the radial direction. First, a two-dimensional axisymmetric model of the functionally graded rotating disk is developed using the finite element method. Exact solutions for stresses are then obtained assuming that the plane theory of elasticity holds. These solutions are in accordance with finite element ones, thus showing the validity of the assumption. Finally, in order to reduce the maximum equivalent stress along the radius, the optimization of the material distribution is addressed. To avoid subsequent finite element simulations in the optimization process, which can be computationally demanding, a nonlinear constrained optimization problem is proposed, for which the solution is obtained numerically by the sequential quadratic programming method, showing prominent results in terms of equivalent stress uniformity.