The paper is devoted to buckling problem of an axially compressed generalized cylindrical sandwich panel and rectangular sandwich plate. The continuous variation of mechanical properties in thickness direction of the structures is assumed. The generalized theory of deformation of the straight line normal to the neutral surface is applied. The analytical model of this sandwich panel is elaborated. Three differential equations of equilibrium of this panel based on the principle of stationary potential energy are obtained. This system of equations is analytically solved and the critical load is derived. Moreover, the limit transformation of the sandwich panel to a sandwich rectangular plate is presented. The critical loads of the example cylindrical panels and rectangular plates are derived.