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The main concern of this article is to deal with the thermoelastic interaction in a functionally graded thermoelastic rod being enlightened by the memory-dependent derivative. This article investigates the transient phenomena due to the influence of an induced magnetic field of constant intensity and due to the presence of a moving heat source of constant velocity in the context of three-phase lag model of generalized thermoelasticity. Employing the Laplace and the Fourier transforms as tool, the problem has been constructed in the transformed domain. The inversions of the Fourier transform have been carried out using residual calculus whereas the numerical inversions of the Laplace transform have been performed employing the Riemann sum approximation method. Numerical computations for stress, displacement, and temperature within the rod are carried out and have been demonstrated graphically. The results also demonstrate how the nonhomogeneity parameter and the speed of the moving heat source influence the thermophysical quantities. It is observed that the temperature, thermally induced displacement, and stress of the rod are found to decrease at large source speed. Also, significant differences on the thermophysical quantities are revealed due to the influence of magnetic field, nonhomogeneity, and memory effect also. [ABSTRACT FROM AUTHOR]