The present invention relates to a fluidized bed reactor, comprising a reaction tube, a distributor and a heating device, the reaction tube and the distributor at the bottom of the reaction tube composing a closed space, the distributor comprising a gas inlet and a product outlet, and the reaction tube comprising a tail gas outlet and a seed inlet at the top or upper part respectively, characterized in that the reaction tube comprises a reaction inner tube and a reaction outer tube, and the heating device is an induction heating device placed within a hollow cavity formed between the external wall of the reaction inner tube and the internal wall of the reaction outer tube, wherein the hollow cavity is filled with hydrogen, nitrogen or inert gas for protection, and is able to maintain a pressure of about 0.01 to about 5 MPa; and also to a process of producing high purity granular polysilicon using the reactor. The fluidized bed reactor according to the present invention uses induction heating to heat directly the silicon particles inside the reaction chamber, such that the temperature of the reaction tube is lower than that inside the reaction chamber, which accordingly avoids deposition on the tube wall and results in more uniform heating, and thus is useful for large diameter fluidized bed reactors with much increased output for a single reactor.