The buckling behavior of functionally graded carbon nanotube reinforced composite conical shells (FG-CNTRC-CSs) is here investigated by means of the first order shear deformation theory (FSDT), under a combined axial/lateral or axial/hydrostatic loading condition. Two types of CNTRC-CSs are considered herein, namely, a uniform distribution or a functionally graded (FG) distribution of reinforcement, with a linear variation of the mechanical properties throughout the thickness. The basic equations of the problem are here derived and solved in a closed form, using the Galerkin procedure, to determine the critical combined loading for the selected structure. First, we check for the reliability of the proposed formulation and the accuracy of results with respect to the available literature. It follows a systematic investigation aimed at checking the sensitivity of the structural response to the geometry, the proportional loading parameter, the type of distribution, and volume fraction of CNTs.