This paper solves the frictionless receding contact problem between a graded and a homogeneous elastic layer due to a flat-ended rigid indenter. Although its Poisson’s ratio is kept as a constant, the shear modulus in the graded layer is assumed to exponentially vary along the thickness direction. The primary goal of this study is to investigate the functional dependence of both contact pressures and the extent of receding contact on the mechanical and geometric properties. For verification and validation purposes, both theoretical analysis and finite element modelings are conducted. In the analytical formulation, governing equations and boundary conditions of the double contact problem are converted into dual singular integral equations of Cauchy type with the help of Fourier integral transforms. In view of the drastically different singularity behavior of the stationary and receding contact pressures, Gauss–Chebyshev quadratures and collocations of both the first and the second kinds have to be jointly used to transform the dual singular integral equations into an algebraic system. As the resultant algebraic equations are nonlinear with respect to the extent of receding contact, an iterative algorithm based on the method of steepest descent is further developed. The semianalytical results are extensively verified and validated with those obtained from the graded finite element method, whose implementation details are also given for easy reference. Results from both approaches reveal that the property gradation, indenter width, and thickness ratio all play significant roles in the determination of both contact pressures and the receding contact extent. An appropriate combination of these parameters is able to tailor the double contact properties as desired.