Steel is mainly produced through continuous casting; molten steel flows into the mold from the tundish, where it cools and then enters the secondary cooling zone, ultimately solidifying into a billet. During the continuous casting production process, the quality of the casting billet is mainly related to the lubrication state of the coated slag. In the upper part of the mold, the consumption of liquid protective slag directly affects the friction state of the initial solidified billet shell. Therefore, the flow and fluctuation characteristics of coated slag in the meniscus area are very important. There is limited research on the flow and fluctuation characteristics of coated slag in the meniscus area, and little consideration has been given to the shape of the meniscus. In this work, a two-dimensional numerical model for the flow and fluctuation of coated slag in the meniscus region was established, and the transient flow velocity of protective slag and molten steel at each moment of the vibration cycle was obtained, as well as the fluctuation of the slag/steel interface in the meniscus region. The results show that when the surface mold vibrated upwards, the protective slag in the meniscus area flowed clockwise. When the mold moved downwards, the protective slag in the slag pool generated a counterclockwise flow vortex. When the mold was in a positive slip state, the negative pressure formed by the upward flow of the protective slag on the meniscus and the inertia force of steel liquid pushed the meniscus toward the inner wall of the mold. During negative slip, the flow of coated slag generated positive pressure on the slag/steel interface, pushing the meniscus toward the steel liquid, and at the initial moment of negative slip, the steel liquid overflowed into the slag channel. This model could provide a theoretical basis for the flow control of protective slag.