Use of hollow particles in composite materials provides a unique possibility of creating functionally graded composites (FGCs) where the gradient is present in the particle wall thickness. The present work is focused on developing a processing method for creating such FGCs using hollow particles. The processing method is based on co-curing slurries of various compositions to obtain the desired final composition and configuration of FGCs. The fabricated composites are characterized for compressive properties. In addition, the same types of particles are used to create FGCs containing volume fraction gradient. The compressive properties of both types of composites are compared and some distinct advantages are observed in the wall thickness variation approach, which include better possibilities of tailoring their physical and mechanical properties.