The use of aerobic granular sludge (AGS) for wastewater treatment has emerged as a promising biotechnology. A sodium alginate nucleus (SAN) incorporated into the AGS system can enhance aerobic granulation. Two important parameters influencing AGS formation and stability are the organic loading rate (OLR) and C/N ratio. In this study, AGS containing the SAN was cultivated under different OLR and C/N ratios. Through morphological analysis, physicochemical properties, and water quality analysis, the effects of the OLR and C/N ratio on the rapid formation and performance of AGS containing the SAN were investigated. The results showed that the most suitable OLR and C/N ratio in the SAN system were 1.4–2.4 kg/(m3∙d) and 10–15, respectively. A recovery experiment of sodium alginate (SA) showed that the group that formed AGS generally had a higher recovery efficiency compared with the group that did not form granular sludge. This work explored the suitable granulation conditions of AGS containing the SAN, and the results provide a theoretical basis for future practical applications. The recycling of SA as presented in this study may broaden the application prospects of SA.