The paper presents a formulation of the stability problem for functionally graded hybrid composite plates. Two classes of fibers used in hybrid composite materials considered in the paper include a stiffer (and presumably more expensive) and `ordinary' fibers. The micromechanics for hybrid composites is formulated as an extension of the model developed by Chamis and his associates at NASA. This micromechanical model is employed to solve the buckling problem for a rectangular plate subjected to uniaxial compression. Numerical examples illustrate that a piece-wise distribution of stiffer fibers oriented in the direction of the load can significantly enhance stability of hybrid plates.