The development of new materials and their production processes along with the environmental constraints demand new data of high quality, especially thermodynamic and physical property data. As slags play a crucial role in metallurgical processes and recycling, the need of better understanding of the reaction mechanisms between slag and metal is also increasingly felt. High precision data and better understanding of the reaction mechanism require efficient collaboration between the researchers in the laboratory and in the industries. Unfortunately, in some cases, the reported data are not obtained in well-controlled experimental conditions. Without the knowledge of the experimental conditions, the use of the data in industrial practice would possibly lead to unintended results. In other cases, the measurements themselves, even their principles, are questionable. This review article addresses how to make the laboratory investigation more relevant to the industrial reality. Some existing uncertainties in the laboratory studies are also discussed. To help a sensible discussion, some specially designed experiments are conducted to support the argument. The review is focused on slag properties (namely, sulfide capacity, phosphate capacity, apparent viscosity, and apparent interfacial tension) and studies of interfacial slag phenomena.