In this paper, a new displacement based high-order shear deformation theory is introduced for the static response of functionally graded plate. Unlike any other theory, the number of unknown functions involved is only four, as against five in case of other shear deformation theories. The theory presented is variationally consistent, has strong similarity with classical plate theory in many aspects, does not require shear correction factor, and gives rise to transverse shear stress variation such that the transverse shear stresses vary parabolically across the thickness satisfying shear stress free surface conditions. The mechanical properties of the plate are assumed to vary continuously in the thickness direction by a simple power-law distribution in terms of the volume fractions of the constituents. Numerical illustrations concerned flexural behavior of FG plates with Metal-Ceramic composition. Parametric studies are performed for varying ceramic volume fraction, volume fraction profiles, aspect ratios and length to thickness ratios. The validity of the present theory is investigated by comparing some of the present results with those of the classical, the first-order and the other higher-order theories. It can be concluded that the proposed theory is accurate and simple in solving the static behavior of functionally graded plates.