In this study, the Kevin–Voigt viscoelastic constitutive relationship is used to investigate the vibration characteristics and stability of a functionally graded viscoelastic(FGV) fluid-conveying pipe with initial geometric defects under thermal–magnetic coupling fields. First, the nonlinear dimensionless differential equations of motion are derived by applying Timoshenko beam theory. Second, by solving the equilibrium position of the system, the nonlinear term in the differential equations of motion is approximated as the sum of the longitudinal displacement at the current time and longitudinal displacement relative to the position, and the equations are linearized. Third, these equations are discretized using the Galerkin method and are numerically solved under simply supported conditions. Finally, the effects of dimensionless temperature field parameters, dimensionless magnetic field parameters, thermal–magnetic coupling, initial geometric defect types, and the power-law exponent on the complex frequency of the pipe are examined. Results show that increasing the magnetic field intensity enhances the critical velocity of first-order mode instability, whereas a heightened temperature variation reduces the critical velocity of first-order diverge instability. Under thermal–magnetic fields, when the magnetic field intensity and temperature difference are simultaneously increased, their effects on the complex frequency can partially offset each other. Increasing the initial geometric defect amplitude increases the imaginary parts of the complex frequencies; however, for different types of initial geometric defect tubes, it exhibits the most distinct influence only on a certain order.