The radial vibration behaviors of a circular cylindrical composite piezoelectric transducer (CPT) are investigated. The CPT is composed of a piezoelectric ring polarized in the radial direction and an elastic ring graded in power-law variation form along the radial direction. The governing equations for plane stress state problem under the harmonic excitation are derived and the exact solutions for both piezoelectric and functionally graded elastic rings are obtained. The characteristic equations for resonant and anti-resonant frequencies are established. The presented methodology is fit to carry out the parametric investigation for composite piezoelectric transducers (CPTs) with arbitrary thickness in radial direction. With the aid of numerical analysis, the relationship between the radial vibration behaviors of the cylindrical CPT and the material inhomogeneity index of the functionally graded elastic ring as well as the geometric parameters of the CPTs are illustrated and some important features are reported.