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This work presents an analytical study of the parametric instability of cylindrical panels containing functionally graded porous exposed to static and dynamic periodic axial loads under simply supported boundary conditions. Based on Hamilton’s principle, the governing equation of motion by using first-order shear deformation theory (FSDT) has been obtained. By applying the Galerkin technique, an excitation frequency expression is derived, which helps identify areas of instability of functionally graded porous cylindrical panels. Numerical simulations are used to validate the analytical results. Eventually, the impacts of the porosity coefficient, porosity distribution method, static and dynamic periodic axial loads, panel angle, circumferential wave number, and cylindrical panel characteristics on the region of instability are displayed in the section of results and discussions. The findings show that when the porosity is further from the surface, the more stable the structure is. Furthermore, a small angle of the cylindrical panels gives a better dynamic response than a large angle. In addition, increased static and dynamic loads lead to an expansion of areas of instability.