This paper investigates the propagation characteristics of guided waves in functionally graded annular plates considering the electro‐mechanical coupling. In the orthogonal circular curvilinear coordinate system, the elastodynamic wave equation of guided waves is derived for the functional graded piezoelectric annular plate. The Chebyshev spectral elements are utilized to model the annular plate, and the governing wave equation is discretized. The convergence and accuracy of the proposed method are evaluated by comparing with the results in previous publications. The parametric study on dispersive characteristics of the functionally graded piezoelectric annular plate is conducted systematically for the influences of various volume fraction index, curvature, and geometry size. Some exciting results are discussed including mode separation, mode conversion, and cutoff frequency. This research can benefit the design and development of advanced smart materials and structures.