Abstract: The particle residence time distribution (RTD) and axial dispersion coefficient are key parameters for the design and operation of a pressurized circulating fluidized bed (PCFB). In this study, the effects of pressure (0.1–0.6 MPa), fluidizing gas velocity (2–7 m·s−1), and solid circulation rate (10–90 kg·m−2·s−1) on particle RTD and axial dispersion coefficient in a PCFB are numerically investigated based on the multiphase particle-in-cell (MP-PIC) method. The details of the gas–solid flow behaviors of PCFB are revealed. Based on the gas–solid flow pattern, the particles tend to move more orderly under elevated pressures. With an increase in either fluidizing gas velocity or solid circulation rate, the mean residence time of particles decreases while the axial dispersion coefficient increases. With an increase in pressure, the core-annulus flow is strengthened, which leads to a wider shape of the particle RTD curve and a larger mean particle residence time. The back-mixing of particles increases with increasing pressure, resulting in an increase in the axial dispersion coefficient.