A graded harmonic finite element formulation based on three-dimensional elasticity theory is developed for the structural analysis of 2D functionally graded axisymmetric structures. The mechanical properties of the axisymmetric solid structures composed of two different metals and ceramics are assumed to vary in radial and axial directions according to power law variations as a function of the volume fractions of the constituents. The material properties of the graded element are calculated at the integration points. Effects of material distribution profile on the static deformation, natural frequency and dynamic response analyses of particular axisymmetric solid structures are investigated by changing the power law exponents. It is observed that the displacements, stresses and natural frequencies are severely affected by the variation of axial and radial power law exponents. Good accuracy is obtained with fewer elements in the present study since Fourier series expansion eliminates the need of finite element mesh in circumferential direction and continuous material property distribution within the elements improves accuracy without refining the mesh size in axial and radial directions.