Based on the three‐dimensional (3D) consistent couple stress theory (CCST), we develop an asymptotic theory for the free vibration analysis of functionally graded (FG) microplates resting on an elastic medium. The material properties of the FG microplate are assumed to obey a power‐law distribution of the volume fractions of the constituents in the thickness direction, for which the effective material properties are estimated using the rule of mixtures. The interactions between the FG microplate and its foundation medium are simulated using a Winkler–Pasternak foundation. Carrying out the asymptotic expansion method, we obtain recursive sets of motion equations for various order problems. The CCST‐based classical plate theory is derived as a first‐order approximation of the 3D CCST. The asymptotic theory is shown to converge rapidly and to be in excellent agreement with the exact solutions for FG macroplates reported in the literature when the value of the material length scale parameter is assigned to be zero.