The objects of consideration are thin linearly elastic Kirchhoff–Love-type open circular cylindrical shells having a functionally graded macrostructure and a tolerance-periodic microstructure in circumferential direction. The first aim of this contribution is to formulate and discuss a new mathematical averaged non-asymptotic model for the analysis of selected stability problems for such shells. As a tool of modelling we shall apply the tolerance averaging technique. The second aim is to derive and discuss a new mathematical averaged asymptotic model. This model will be formulated using the consistent asymptotic modelling procedure. The starting equations are the well-known governing equations of linear Kirchhoff–Love second-order theory of thin elastic cylindrical shells. For the functionally graded shells under consideration, the starting equations have highly oscillating, non-continuous and tolerance-periodic coefficients in circumferential direction, whereas equations of the proposed models have continuous and slowly-varying coefficients. Moreover, some of coefficients of the tolerance model equations depend on a microstructure size. It will be shown that in the framework of the tolerance model not only the fundamental cell-independent, but also the new additional cell-dependent critical forces can be derived and analysed.