The principal parameter resonance of a ferromagnetic functionally graded (FG) cylindrical shell under the action of axial time-varying tension in magnetic and temperature fields is investigated. The temperature dependence of physical parameters for functionally graded materials (FGMs) is considered. Meanwhile, the tension bending coupling effect is eliminated by introducing the physical neutral surface. The kinetic and strain energies are gained with the Kirchhoff–Love shell theory. Based on the nonlinear magnetization characteristics of ferromagnetic materials, the electromagnetic force acting on the shell is calculated. The nonlinear vibration equations are obtained through Hamilton’s principle. Afterward, the vibration equations are discretized and solved by Galerkin and multiscale methods, respectively. The stability criterion for steady-state motion is established utilizing Lyapunov stability theory. After example analysis, the effects of magnetic field intensity, temperature and power law index on the static deflection are elucidated. Subsequently, the impacts of these parameters, as well as axial tension, on the amplitude-frequency characteristics, resonance amplitude, and multiple solution regions are discussed explicitly. Results indicate that the stiffness can be enhanced due to the generation of static deflection. The amplitude decreases with increasing magnetic field intensity, temperature, and power law index. When the magnetic field intensity surpasses a threshold, the resonance phenomenon disappears.