Inertia cone crushers are widely used in complex ore mineral processing. The two mass variables (fixed cone mass and moving cone mass) affect the dynamic performance of the inertia cone crusher. Particularly the operative crushing force of the moving cone and the amplitude of the fixed cone are affected, and thus the energy consumption of the crusher. In this paper, the process of crushing steel slag is taken as a specific research object, to analyze the influence of two mass variables on the inertia cone crusher performance. A real-time dynamic model based on the multi-body dynamic (MBD) and the discrete element method (DEM) is established. Furthermore, the influence of the fixed cone mass and moving cone mass on the operative crushing force, amplitude and average power draw are explored by the design of simulation experiments. The predictive regression models of inertia cone crusher performance are obtained using response surface methodology (RSM). After increasing the fixed cone mass, the optimized amplitude, average power and moving cone mass are decreased by 37.1%, 33.1% and 10%, respectively, compared to without the adjustment. Finally, a more effective dynamic balancing mechanism of inertia cone crusher is achieved, which can utilize the kinetic energy of a balancer, and minimize the mass of the fixed and moving cone. The fixed cone mass and moving cone mass of a balancing crusher are decreased by 78.9% and 22.8%, respectively, compared to without the balancing mechanism.