The CaO-SiO2-MgO-5Al2O3-30FeO five (oxide) components slag system was studied by varying the magnesium oxide (MgO) content (5.7–13.6 wt.%). The data were analyzed using the FactSage software. It was observed that the liquid network structure and precipitation of solid particles had an impact on high-temperature viscosity and foaming life. Under the same basicity (mass ratio CaO/SiO2 = 1.5) and at a temperature of 1500 °C, the MgO content was varied as 5.7 wt.%, 7.4 wt.%, 9.6 wt.%, 11.5 wt.%, and 13.6 wt.% in A0–A5. The samples at different solid concentrations, i.e., A0–A2 (0 wt.%), A3 (2.77 wt.%), A4 (6.92 wt.%), A5 (11.7 wt.%), exhibited a viscosity of 22, 47, 40, 76, 363, and 1088 mPa·s, respectively, and were simulated by FactSage software. The foaming life was 2.0 min, 7.7 min, 6.2 min, 13.4 min, 16.8 min, and 18.0 min, respectively. It was found that A5 exhibits the best effective foaming life under these environmental conditions because it can exhibit a double foaming effect formed by the precipitation of solid particles. The Si-O-Si network in liquid slag also contributed to foaming life, when there was only liquid slag bonding in the slag, whose effective foaming life was 7.7 min. In the absence of these factors, the foaming life was only 2 min.