In this research, mechanical buckling of hybrid functionally graded plates is considered using a new four variable refined plate theory. Unlike any other theory, the number of unknown functions involved is only four, as against five in case of other shear deformation theories. The theory presented is variationally consistent, does not require shear correction factor, and gives rise to transverse shear stress variation such that the transverse shear stresses vary parabolically across the thickness satisfying shear stress free surface conditions. The plate properties are assumed to be varied through the thickness following a simple power law distribution in terms of volume fraction of material constituents. Governing equations are derived from the principle of minimum total potential energy. The closed-form solution of a simply supported rectangular plate subjected to in-plane loading has been obtained by using the Navier method. The effectiveness of the theories is brought out through illustrative examples.