A pseudogene which appears in the genome as the expressed part (only) of the original gene. That is, it consists of the gene's exons concatenated, with no intervening introns.

Processed pseudogenes are thought to occur as a result of reverse transcription of RNA into the genome.

Bioinformatically, processed pseudogenes are easier to identify -- REAL genes (in eukaryotes) always have introns in them!