This paper presents a postbuckling analysis of carbon nanotube-reinforced composite (CNTRC) cylindrical panels resting on elastic foundations and subjected to axial compression in thermal environments. The cylindrical panels are reinforced by aligned single-walled carbon nanotubes (SWCNTs) which are assumed to be functionally graded (FG) through the thickness direction with different types of distributions. The material properties of FG-CNTRC panels are estimated through an extended rule of mixture micromechanical model. The governing equations are based on a higher-order shear deformation theory with a von Kármán-type of kinematic nonlinearity. The panel–foundation interaction and thermal effects are also included and the material properties of CNTRCs are assumed to be temperature-dependent. A singular perturbation technique along with a two-step perturbation approach is employed to determine the buckling loads and postbuckling equilibrium paths. Numerical results reveal that the CNT volume fraction, temperature rise, foundation stiffness, and the panel geometric parameters have a significant effect on the buckling load and postbuckling behavior of CNTRC cylindrical panels. The results for uniformly distributed (UD) CNTRC cylindrical panels are compared with those of FG-CNTRC cylindrical panels. The results also confirm that for an CNTRC cylindrical panel with immovable unloaded straight edges, the postbuckling path of the panel is no longer the bifurcation type.