This research work presents a CFD investigation of segregation and dispersion phenomena occurring in solid-liquid fluidized bed separators for a multicomponent system. A Eulerian-Eulerian multiphase modeling framework is implemented in ANSYS Fluent, consisting of one liquid phase and multiple solid phases having identical particle sizes but different material densities. The governing equations are solved to precisely characterize interphase hydrodynamics and particle-fluid interactions. Model predictions are validated against available experimental and computational data reported for binary fluidized beds, showing close agreement in axial solids concentration profiles, bed expansion behavior, and overall flow trends, thereby confirming the robustness of the modeling approach. Simulation results indicate that particles initially undergo intense mixing and radial dispersion, followed by gradual axial segregation driven primarily by density differences. Heavier particles preferentially accumulate in the lower regions of the bed, whereas lighter particles migrate upward along the bed height. Increasing the liquid superficial velocity significantly enhances particle dispersion and overall bed expansion, but simultaneously weakens segregation efficiency by promoting stronger mixing. Application of the same CFD methodology to a reflux classifier further demonstrates its ability to predict multicomponent separation behavior under practical operating conditions. Overall, the findings confirm that CFD provides a reliable and powerful tool for analyzing hydrodynamics, understanding separation mechanisms, and supporting the design and optimization of industrial-scale multicomponent solid-liquid fluidized bed