This paper has two purposes. One is to present a critical examination of the rise of granular computing and theother is to suggest a triarchic theory of granular computing. By examining the reasons, justifications, and motivations forthe rise of granular wmputing, we may be able to fully appreciate its snipe, goal and potential values. The results enable usto formulate a triarchic theory in the light of research results from many disciplines. The three components of the theory arelabeled as the philosophy, the methodology, and the computation. The integration of the three offers a unified view of gran-ular computing as a way of structured thinking, a method of structured problem solving, and a paradigm of structured infor-oration processing, focusing on hierarchical granular structures. The triarchic theory is an important effort in synthesizingthe various theories and models of granular cnmputing.