In　this　study,　a　novel　two-stage　aerobic　granular　sludge　(AGS)　system　was　developed　to　treat　municipal　wastewater.　High　removal　efficiencies　of　phosphorus　(91%)　and　nitrogen　(81%)　were　obtained　under　a　low　influent　carbon/nitrogen　ratio　of　5.4.　The　high　nutrient　removal　was　attributed　to　microbial　segregation　in　the　two　sequencing　batch　reactors　(SBRs).　In　the　first　reactor,　the　high　abundance　of　polyphosphate-accumulating　organisms　(Candidatus　Accumulibacter　15.3%)　promoted　a　high　rate　of　enhanced　biological　phosphorus　removal　(EBPR).　In　the　second　reactor,　residual　ammonium　was　autotrophically　removed　via　partial　nitritation/anammox　(PN/A).　Moreover,　granular　sludge　was　maintained　in　both　SBRs　with　a　sludge　volume　index　of　40–80　mL/g,　which　reduced　the　settling　time　and　improved　the　operational　stability.　Furthermore,　batch　tests　and　mass　balance　analysis　revealed　that　most　influent　phosphorus　(68%)　and　some　organics　(33%)　were　recovered　from　the　waste　sludge　as　struvite　and　methane,　respectively.　Overall,　this　study　illustrates　that　the　novel　two-stage　AGS　system　integrating　EBPR　and　PN/A　is　promising　for　enhancing　nutrient　removal,　as　well　as　resource　and　bioenergy　recovery　from　municipal　wastewater.　©　2023　Elsevier　B.V.