Particle and gas flow characteristics are numerically simulated by means of a proposed gas–particle second-order moment two-fluid model with particle kinetic–friction stress model in a bubbling fluidized bed. Anisotropic behaviors of gas–solid two-phase stresses and their interactions are fully considered by the two-phase Reynolds stress model and their closure correlations. The dispersion behaviors of the non-spherical expand graphite and spherical heavy particles are predicted by using the parameters of distributions of particle velocity, porosity, granular temperature, and dominant frequency. Compared to particles density 2700 kg/m3, ultralight particles exhibit the higher voidages with big bubbles and larger axial-averaged velocity of particles and stronger dispersion behaviors. Maximum granular temperature is approximately 3.0 times greater than that one, and dominant frequency for axial porosity fluctuations is 1.5 Hz that is 1/3 time as larger as that heavy particle.