Under the conditions of developed fluidization there are intensive fluctuations both in the fluidizing medium and in the dispersed solid phase. These motions have a decisive effect on the rheologlcal properties of the fluidized bed, and on the chemical reactions and transport processes taking place in it [1], Thus, for example, in the experiments of Wicke and Fetting [2], who investigated the heat transfer between a fluidized bed and the walls of a heated container, the effective heat transfer coefficient was found to be higher by an order of magnitude than the corresponding result for a fluidized bed held down by a wire grid so that the random motion of the solid phase was reduced. It is clear that the initial stage of any study of the structure of the fluidized bed as a whole, and of the subsequent development of any model, must involve an investigation of local structural properties, including the above fluctuations. The time variation of the individual particle velocities is due to two different causes. First, there is the interaction between the particles both through direct collisions and through the medium of the liquid phase, and, secondly, there is the interaction with the viscous fluid. These two factors are not independent, so that the set of fluidized particles has certain features characteristic for both a dense gas, with a potential intramolecular interaction, and a set of particles executing Brownian motion in a continuous medium. Any detailed statistical theory of a system of fluidized particles must be based on a representation of the random particle motions in the medium by a stochastic process with some definite properties (see, for example, [3–4]). Ideally, this theory should lead to the formulation of a transport equation which, in view of the above properties of the system, should have some of the features of both the usual Boltzman transport equation and the Fokker-Planck equation. The solution of this final equation is, of course, more difficult than the solution of the Boltzman or Fokker-Planck equations. Moreover, there is also the problem of applying this equation to different special cases. An alternative approach is to develop an approximate, but still sufficiently effective, theory of the local properties of the fluidized bed, which would combine relative simplicity in application with sufficient rigor and generality. This kind of theory is put forward in the present paper. The conclusions to which it leads are in good qualitative agreement with experiment.