Syntactic foams are hollow particle (microballoon) filled composites widely used in applications requiring low density and high damage tolerance. In the present study functionally graded syntactic foams (FGSFs) are fabricated and characterized for quasi-static compression and high strain rate properties. Two types of FGSFs are studied here. The first type contains a gradient in the particle volume fraction (VF-type), while the second type contains a gradient in the wall thickness of hollow particles (WT-type) along the specimen thickness. These foams contain up to 50% porosity by volume and are very lightweight materials. Compression tests are conducted on these specimens to determine the effective elastic modulus and strength of FGSFs. The high strain rate properties are also estimated for these FGSFs by 3D simulation of split-Hopkinson pressure bar (SHPB) experiment in the strain rate range of 200/s-1000/s. A comparison between quasi-static and dynamic properties at different strain rates provides an insight into the strain rate sensitivity of syntactic foams and the functionally graded microstructures. It is observed that the high strain rate modulus of FGSFs is up to 5 times higher than the quasi-static modulus. The modulus increases until 800/s strain rate. Further increase in the strain rate resulted in decrease in the modulus.