This article presents analytical solutions for buckling analysis of functionally graded plate based on a refined plate theory. Based on the refined shear deformation theory, the position of neutral surface is determined and the governing stability equations based on neutral surface are derived. There is no stretching–bending coupling effect in the neutral surface-based formulation, and consequently, the governing equations and boundary conditions of functionally graded plates based on neutral surface have the simple forms as those of isotropic plates. The closed-form solutions of buckling load are obtained for rectangular plates with various boundary conditions. The accuracy of neutral surface-based model is verified by comparing the obtained results with those reported in the literature. Finally, parameter studies are carried out to study the effects of power law index, thickness ratio, and aspect ratio on the critical buckling load of functionally graded plates.