In this article, an analytical solution is presented to evaluate the stress field in axisymmetric double-walled cylinder made of functionally graded materials (FGMs) and homogeneous layers subjected to pressure, temperature gradient, and magnetic field loadings. Closed form expressions for radial and circum-ferential stresses as well as the normalized effective stresses are extracted through solving the governing difeerential equations. It is concluded that both magnetic field and grading indices of FGM have significant effects on the stress distribution in the cylinder, while the proper parameters setting will result into considerable reduction in the stress quantities. [ABSTRACT FROM AUTHOR]