High casting speed coincides with the development trend of billet continuous casting, which significantly changes the casting characteristics. A mathematical model of the billet mold, which includes multiphase fluid flow, transient heat transfer, and solidification during ultra-high speed of the casting process was developed. The model is first applied to investigate the flow field of molten steel in the mold, studying the influence of steel flow upon the melting and flowing behavior of mold flux. The temperature and velocity distributions of the flux pool that formed above the molten steel surface are described. A parametric study on the melting temperature and viscosity of mold flux on liquid flux thickness and flow velocity is then carried out. Finally, the model is used to derive the relationship between interfacial tension and level fluctuations. The predictions provide an improved understanding of the melting and flowing behavior of mold flux in the billet mold and give the guidance for the design and optimization of mold flux for ultra-high speed of billet casting.