Alumina‐spinel castable has excellent refractory properties, including high volume and thermal stability, good hot strength, and excellent resistance against corrosion, erosion, and thermal spalling. Excellent refractory properties have made it a preferred lining for steel ladles, reducing the erosion and corrosion of molten metal and slag and improving the ladle life and efficiency for decades. These castables are also significant for the replacement of chrome‐bearing refractories that cause several health hazards. The current review paper covers preformed and in situ spinel containing alumina castables. It focuses on the importance of these castables in the sidewall and bottom portion of the steel ladle in detail, the effect of spinel and MgO content, and the factors affecting castable properties. The review also covers the final properties of castable and the application areas of alumina‐spinel castable in steel ladle, purging plugs, and RH‐degasser.