To achieve low‐cost clean production in steelmaking plants, a low‐carbon double slag converter steelmaking process (LCDSP) with high dephosphorization efficiency, low lime consumption, and low CO2 emissions is focused on. The average lime consumption in LCDSP has decreased about 25.8%, which can reduce at least about 10.3 million m3 CO2 emissions per converter per year in the current steelmaking plant. The phosphorus enrichment properties of decarbonization slag with different basicities are comprehensively evaluated through LCDSP industrial experiments, mineralogy, and ion–molecule coexistence theory (IMCT). The increase of decarburization slag basicity (DSB) significantly improves the dephosphorization efficiency of molten steel. With increasing the DSB from 2.93 to 3.52, the typical morphology of the P‐rich phase extends from small pieces to long strips and then changes to block shapes with smooth edges. Finally, it forms a massive P‐rich phase with an area of more than 10 000 μm2 with a DSB of 3.80. The phosphorus enrichment properties of decarbonization slag with different DSBs evaluated using multiple perspectives show a consistent change trend. IMCT provides an accurate thermodynamic method for quantitatively predicting the phosphorus enrichment capacity in slag in two stages of LCDSP.