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The present paper is aimed to study the buckling and postbuckling response of functionally graded carbon nanotube (FG-CNT)- magnesium (Mg) nanocomposite plate with interphase effect. Interphase zone is characterized by employing a cohesive zone model for its elastic modulus and thickness. An equivalent solid fiber (ESF) of CNT and interphase is modeled and dispersed into the matrix material by utilizing random sequential adsorption (RSA) technique. The effective elastic properties of the nanocomposite are computed by finite element method (FEM) based numerical homogenization technique. The obtained elastic properties of nanocomposite are utilized to investigate the buckling and post-buckling behaviour of different functionally graded (i.e., FG) nanocomposite plates modeled by varying the volume fraction of CNT/ESF along thickness direction, under in-plane compressive loads. The non-linear formulation is based on first-order shear deformation theory and von Karman’s assumptions. It is found that considering the interphase between CNT and Mg matrix would result in decrease in buckling load and postbuckling strength of FG-CNT-reinforced nanocomposite plate as compared to nanocomposite without interphase. It is also reported that the higher volume fraction of CNTs near top and bottom surfaces than the middle portion of nanocomposite plate provide better resistance to buckling and postbuckling.