Aerobic granules for sulphide and ammonium removal were cultivated in a sequencing batch reactor, and the microbial community of the aerobic granules was investigated by denaturing gradient gel electrophoresis. The loading rate increased from 0.15 to 0.9 kg S2− m−3 d−1, and the removal efficiencies of sulphide, chemical oxygen demand, and NH4 +-N were higher than 99, 80, and 98%, respectively. However, sludge settleability became poorer when the loading rate exceeded 0.3 kg S2− m−3 d−1. The denitrifying bacteria in the aerobic granules were Thauera sp., Pseudomonas alcaligenes, and uncultured planctomycetes, indicating that multiple N-removing processes occurred simultaneously in the aerobic granules. These processes could include nitrification and denitrification, aerobic denitrification, and anaerobic ammonia oxidation. Sludge settleability became poorer because of the overgrowth of uncultured Thiothrix sp.