Functionally graded CNT (carbon nanotube)-reinforced composites (FG-CNTRCs) are intensively studied because the mechanical behaviors of conventional composites can be dramatically improved. Only a small amount of CNTs are appropriately distributed through the thickness. However, the studies on conical shell panels have been poorly reported when compared with beams, plates and cylindrical shells, even though more parameters are associated with the mechanical behaviors of conical shell panels. In this context, this study intends to profoundly investigate the free vibration of FG-CNTRC conical shell panels by developing an effective and reliable 2-D (two-dimensional) numerical method. The displacement field is expressed using the first-order shear deformation shell theory, and it is approximated by the 2-D planar natural element method (NEM). The conical shell surface is transformed into the 2-D planar NEM grid, and the approach for MITC3+shell element is employed to suppress the shear locking. The developed numerical method is validated through the benchmark experiments, and the free vibration responses of FG-CNTRC conical shell panels are investigated with respect to all the associated parameters. It is found from the numerical results that the free vibration of FG-CNTRC conical shell panels is significantly influenced by the volume fraction and distribution pattern of CNTs, the geometry parameters of the conical shell, and the boundary condition.