In this study, the effects of elastic foundations (EFs) and carbon nanotube (CNT) reinforcement on the hydrostatic buckling pressure (HBP) of truncated conical shells (TCSs) are investigated. The first order shear deformation theory (FOSDT) is generalized to the buckling problem of TCSs reinforced with CNTs resting on the EFs for the first time. The material properties of composite TCSs reinforced with CNTs are graded linearly according to the thickness coordinate. The Winkler elastic foundation (W-EF) and Pasternak elastic foundation (P-EF) are considered as the EF. The basic relations and equations of TCSs reinforced with CNTs on the EFs are obtained in the framework of the FOSDT and solved using the Galerkin method. One of the innovations in this study is to obtain a closed-form solution for the HBP of TCSs reinforced with CNTs on the EFs. Finally, the effects of the EFs and various types CNT reinforcements on the HBP are investigated simultaneously. The obtained results are compared with the results in the literature, and the accuracy of results is confirmed.