The Discrete Element Method combined with Computational Fluid Dynamics was coupled to a capillary liquid bridge force model for computational studies of mixing and segregation behaviors in gas fluidized beds containing dry or wet mixtures of granular materials with different densities. The tendency for density segregation decreased with increasing fluidizing velocity, coefficient of restitution, and amount of liquid present. Due to the presence of strong capillary forces between wet particles, there was a high tendency for particles to form agglomerates during the fluidization process, resulting in lower segregation efficiency in comparison with fluidization of dry particles. Particle‐particle collision forces were on average stronger than both fluid drag forces and capillary forces. The magnitudes of drag forces and particle‐particle collision forces increased with increasing fluidizing velocity and this led to higher mixing or segregation efficiencies observed in dry particles as well as in wet particles at higher fluidizing velocities. © 2015 American Institute of Chemical Engineers AIChE J, 61: 4069–4086, 2015