In this study, transient elastic waves propagating in a two-layered piezoelectric medium subjected to in-plane mechanical and electrical displacement impacts on the upper and lower free surfaces are investigated. The two-layered composite is constructed of two layers of functionally graded piezoelectric materials with different thicknesses. The integral transform method is applied to obtain stresses and electric displacements in the Laplace transform domain. The Durbin’s method for Laplace transform inversion is used to carry out the numerical inversions. The numerical results for different field points, different ratios of thicknesses, and different material properties are evaluated and discussed in detail.