The motion of bubbles in a liquid slag bath with temperature gradients is investigated by means of 3D fluid dynamic computations. The goal of the work is to describe the dynamics of the rising bubbles, taking into account the temperature dependency of the thermo-physical properties of the slag. Attention is paid to the modeling approach used for the slag properties and how this affects the simulation of the bubble motion. In particular, the usage of constant values is compared to the usage of temperature-dependent data, taken from models available in the literature and from in-house experimental measurements. Although the present study focuses on temperature gradients, the consideration of varying thermo-physical properties is greatly relevant for the fluid dynamic modeling of reactive slag baths, since the same effect is given by heterogeneous species and solid fraction distributions. CFD is applied to evaluate the bubble dynamics in terms of the rising path, terminal bubble shape, and velocity, the gas–liquid interface area, and the appearance of break-up phenomena. It is shown that the presence of a thermal gradient strongly acts on the gas–liquid interaction when the temperature-dependent properties are considered. Furthermore, the use of literature models and experimental data produces different results, demonstrating the importance of correctly modeling the slag’s thermo-physical properties.