A dynamic model of the liquid fluidized bed containing two or more solid particle species of different size and density is presented. The model incorporates the particle mass transport mechanisms of the convection and the dispersion. The movement of the upper interface of the bed subject to a change in the liquid velocity is specified using the mass balance constraint. The particle velocities and dispersion coefficients are evaluated using correlations. The model is capable of describing the bed expansion, concentration profiles of the individual particle species, the bulk density profile, and the occurrence of layer inversion.