To clarify the transformation of the glassy and crystalline inclusions in cord steel during heat treatment, four groups of MnO–SiO2–Al2O3 systems with different MgO contents are designed to obtain samples with both glassy and crystalline inclusions by slow‐cooling, and then the samples are isothermal held at 1100 °C for 120 min. The results of X‐ray diffraction and scanning electron microscope and energy dispersive spectrometer indicate that after isothermal holding, the MgMnSiO4 crystalline phase transforms into MgAl2O4 and MnSiO3 phases in 5 wt% MgO system, while partial MgMnSiO4 phase transforms into MgSiO3 phase in 10 wt% MgO system. Besides, the MgMnSiO4 crystalline phase transforms into MgSiO3 and Mg2SiO4 phases in 15 wt% MgO system, while the Mg2SiO4 crystalline phase partially transforms into MgSiO3 phase in 20 wt% MgO system. Combined with the calculation results of FactSage 8.1, it shows that the higher the MgO content in the system, the stronger the crystallization ability and the easier the formation of the crystalline phase. During the isothermal holding process, the elements in inclusions continuously diffuse and migrate, so that the glassy phase transforms into crystalline phase, while the crystalline phase grows further and the internal glassy phase disappear, accompanied by the transformation of the crystal type.