A generalized stochastic buckling analysis of laminated composite plates, with and without centrally located circular cutouts having random material properties, is presented under uniaxial compressive loading. In this analysis, the layerwise plate model is used to solve both prebuckling and buckling problems. The stochastic analysis is done based on mean centered first-order perturbation technique. The mean buckling strength of composite plates is validated with results available in the literature. It has been observed that the present analysis can predict buckling load accurately even for plates with large cutouts. Micromechanics based approach is used to study the effect of variation in microlevel constituents on the effective macrolevel properties like elastic moduli. Consequently, the effect of uncertainty in these material properties on the buckling strength of the laminated plates is studied. Parametric studies are carried out to see the effect of hole size, layups, and boundary conditions on the mean and variance of plate buckling strength. Copyright © 2007 by ASME.