The hydrodynamics of a vertically vibrating fluidized bed was studied using an Eulerian-Eulerian two-fluid model (TFM) incorporating the kinetic theory of granular flow and including the frictional stress effects. Influences of frictional stresses, vibration amplitudes and frequency on behavior of the particles were studied. In the case with vertical vibration, the numerical results showed three regions of solid concentration along the bed height: a low particle concentration region near the bottom of the bed, a high concentration region in the middle of the bed, and a transition region at top of the bed. The accuracy of results was found to be closely related to the inclusion of the frictional stresses. Ability of the two-fluid model for predicting the hydrodynamics of vibrating fluidized beds was discussed and confirmed.