The mechanism causing mixing and segregation of multi-component fluidized systems consisting of both density and size variant particle mixtures is presented. The validity of the model is demonstrated with the experimental results of three-component (ternary) liquid fluidized systems. Ternary bed fluidized systems separated into different mixed layers and a pure layer of excess component. Location of the stratified mixed layers and pure layer can be predicted from the mixture bulk density evaluation. The volume fractions of solids and fluid corresponding to each mixed layer can be theoretically predicted from the force balance applied to the particles in that layer knowing the systems physical properties.