In this theoretical study, we investigate the propagation of Love waves in a layered structure consisting of two different homogenous piezoelectric materials, an upper layer and a substrate. A functionally graded piezoelectric material (FGPM) buffer layer is in between the upper layer and the substrate. We employ the power series technique to solve the governing differential equations with variable coefficients. The influence of the gradient coefficients of FGPM and the layer thicknesses on the dispersion relations, the electro-mechanical coupling factor, and the stress distributions of Love waves in this structure are investigated. We demonstrate that the low gradient coefficient raises the significant variation of the phase velocity within a certain range of ratios of upper layer thickness to equivalent thickness. The electro-mechanical coupling factor can be increased when the equivalent thickness equals one or two wavelengths, and the discontinuity of the interlaminar stress can be eliminated by the FGPM buffer layer. The theoretical results set guidelines not only for the design of high-performance surface acoustic wave (SAW) devices using the FGPM buffer layer, but also for the measurement of material properties in such FGPM layered structures using Love waves.