Granular computing, as a new and rapidly growing paradigm of information processing, has attracted many researchers and practitioners. Granular computing is an umbrella term to cover any theories, methodologies, techniques, and tools that make use of information granules in complex problem solving. The aim of this paper is to review foundations and schools of research and to elaborate on current developments in granular computing research. We first review some basic notions of granular computing. Classification and descriptions of various schools of research in granular computing are given. We also present and identify some research directions in granular computing.