In many practical applications, massive data are observed from multiple sources, each of which contains multiple cohesive views, called hierarchical multiview (HMV) data, such as image-text objects with different types of visual and textual features. Naturally, the inclusion of source and view relationships offers a comprehensive view of the input HMV data and achieves an informative and correct clustering result. However, most existing multiview clustering (MVC) methods can only process single-source data with multiple views or multisource data with single type of feature, failing to consider all the views across multiple sources. Observing the rich closely related multivariate (i.e., source and view) information and the potential dynamic information flow interacting among them, in this article, a general hierarchical information propagation model is first built to address the above challenging problem. It describes the process from optimal feature subspace learning (OFSL) of each source to final clustering structure learning (CSL). Then, a novel self-guided method named propagating information bottleneck (PIB) is proposed to realize the model. It works in a circulating propagation fashion, so that the resulting clustering structure obtained from the last iteration can "self-guide" the OFSL of each source, and the learned subspaces are in turn used to conduct the subsequent CSL. We theoretically analyze the relationship between the cluster structures learned in the CSL phase and the preservation of relevant information propagated from the OFSL phase. Finally, a two-step alternating optimization method is carefully designed for optimization. Experimental results on various datasets show the superiority of the proposed PIB method over several state-of-the-art methods.