The vibration characteristics of a functionally graded material circular cylindrical shell filled with fluid are examined with a wave propagation approach. The shell is filled with an incompressible non-viscous fluid. Axial modal dependence is approximated by exponential functions. A theoretical study of shell vibration frequencies is analyzed for simply supported-simply supported, clamped-simply supported, and clamped-clamped boundary conditions with the fluid effect. The validity and the accuracy of the present method are confirmed by comparing the present results with those available in the literature. Good agreement is observed between the two sets of results.