This study investigates the effects of fluid–structure and soil–structure interaction on the free vibration response of functionally graded sandwich plates. To this aim, an exemplary problem is analyzed, whereas a metal/ceramic sandwich plate is placed at the bottom of a tank filled in with fluid. Two cases are considered: (i) soft core, i.e., a sandwich plate with metal core and ceramic skins, and (ii) hard core, i.e., a sandwich plate with ceramic core and metal skins. In both cases, the skins are modelled as suitable functionally graded materials (FGMs). The soil is modelled as a Pasternak foundation. The free vibration analysis is carried out according to the extended higher order sandwich plate theory (EHSAPT). The fluid is assumed to be inviscid, incompressible, and irrotational. Hamilton’s principle is exploited to deduce the governing equations and the corresponding boundary conditions. The Rayleigh–Ritz method with two-variable orthogonal polynomials is used to compute the natural frequencies of the sandwich plate. The adopted approach is first validated through comparison with results published in the literature. Then, the effects are studied of several parameters on the dynamic response of the system.