Fluidized bed gasification is a promising process technology to manage the growing amount of sewage sludge (SS) requiring disposal. Two samples of SS, produced in different seasons of the year by a municipal wastewater treatment plant, were subjected to gasification at 850 °C in a bench-scale fluidized bed reactor using, as a gasification agent, a nitrogen/air mixture at different values of oxygen/fuel equivalence ratio (ER = 0.1–0.2). The starting materials and the output streams (syngas, tar, and solid residues) were thoroughly characterized. The fate of specific SS constituents and the characteristics of bottom ashes were addressed, so contributing to the problem of a proper SS management approach in the context of the circular economy. Computer-aided simulations were also performed, which allowed us to predict the composition of the syngas from SS gasification under operating conditions different from those experimentally investigated (i.e., reactor temperature and ER).