The effect of the initial P content ranging from 0.057% to 0.292% in hot metal on dephosphorization with low basicity (CaO/SiO2) slag at 1623 K is investigated using high‐temperature laboratorial experiments. With increasing initial P content in the hot metal, the dephosphorization ratio increases first and then decreases, with the highest dephosphorization ratio of 83.2% at the initial P content in the hot metal of 0.173%. The phases in dephosphorization slags are basically consistent, which are mainly composed of nCa2SiO4‐Ca3(PO4)2, Ca2SiO4, metal oxide, Ca3(PO4)2, Ca3Mg(SiO4)2, Ca2Fe2O5, and MgAl2O4. The compositions of all the P‐rich phases are close to the connection line between Ca2SiO4 and Ca3(PO4)2 in the phase diagram. In addition, with increasing the initial P content in hot metal, the viscosity and activation energy values of the dephosphorization slag increases at the present dephosphorization temperature of 1623 K and the values of the activation energy of the dephosphorization slags increase gradually. The area fractions of Q0 + Q1 (Qi, i is the number of bridging oxygen per silicon atom) units decrease, whereas those of the Q2 + Q3 units increase. The average number of nonbridging oxygen per silicon atom (NBO/Si) value decreases, indicating that the degree of the polymerization (DOP) of the corresponding dephosphorization slag increases resulting in the increased viscosity.