This paper deals with an analytical approach of the buckling behavior of a functionally graded circular cylindrical shell under axial pressure with external axial and circumferential stiffeners. The shell properties are assumed to vary continuously through the thickness direction. Fundamental relations and equilibrium and stability equations are derived using the third-order shear deformation theory. The resulting equations are employed to obtain the closed-form solution for the critical buckling loads. A simply supported boundary condition is considered for both edges of the shell. The comparison of the results of this study with those in the literature validates the present analysis. The effects of material composition (volume fraction exponent), of the number of stiffeners and of shell geometry parameters on the characteristics of the critical buckling load are described. The analytical results are compared and validated using the finite-element method. The results show that the inhomogeneity parameter, the geometry of the shell and the number of stiffeners considerably affect the critical buckling loads.