Disclosed is a granulating process which comprises the steps of providing a plurality of spouted bed granulation zones arranged in series and one or more fluidizing zones for cooling and drying purposes each disposed between two adjacent ones of the granulation zones, introducing priming granules of a particulate material into the first-stage granulation zone while spraying thereinto an adherent and solidifiable liquid together with a gas stream to enlarge the priming granules, cooling and drying the enlarged granules in the succeeding fluidizing zone, passing the resulting granules through the other granulation zones and fluidizing zones successively, and withdrawing the granules enlarged to a desired particle size from the last-stage granulation zone. Also disclosed is an apparatus for carrying out this granulating process.