Delamination is one of the failure modes of functionally graded materials (FGM), resulting in the critical change of vibration characteristics. The Chebyshev polynomials are commonly used as admissible functions to improve the computational efficiency of numerical algorithms and avoid the occurrence of ill-conditioned problems. This paper extends the Chebyshev–Ritz method to the free vibration analysis of delaminated FGM plates, in which the material variation through the plate thickness follows the exponential-law distribution. A plane crack that is considered to be perpendicular to the thickness direction penetrates through the width direction. Based on the region approach, the analysis of FGM plates with a mid-plane delamination is divided into four sub-regions. The kinetic energy and potential energy of each sub-region are derived by the thin plate theory and von Kármán nonlinear strain–displacement relation. The modal functions of the displacement fields of FGM plates can be constructed in accordance with the displacement continuity conditions of the delamination interface and the boundary conditions of such plates. The effects of asymmetric material distribution, delamination length ratio, Young’s modulus ratio, and boundary support on the vibration behavior of FGM plates are investigated. This semi-analytical study provides a reasonable theoretical basis for the behavior prediction and delamination identification of composite structures.