In the top submerged lance (TSL) smelting process, flow boiling may occur in the lance’s inner pipe due to the heat coming from the furnace when liquid fuel is adopted. In the current study, a numerical simulation was carried out by coupling the Eulerian two-fluid model with the improved RPI wall boiling model to investigate the subcooled n-heptane flow boiling in the inner pipe. The effects of inlet velocity and pipe wall emissivity on two-phase flow and heat transfer are elucidated. The results show that, for pipes with inlet velocity ranging from 0.3 m·s−1 to 1.0 m·s−1, an increase in inlet velocity leads to a lower void fraction near the outlet, as well as a lower average velocity and a lower average temperature of each phase. Meanwhile, the Onset of Nucleate Boiling (ONB) position approaches to the outlet, and the total pressure drop of the entire pipe reduces when the inlet velocity increases. However, the opposite trends appear when increasing the pipe wall emissivity. The maximum wall temperature corresponding to the critical heat flux (CHF) point is slightly affected by inlet velocity but significantly affected by pipe wall emissivity. The non-equilibrium effect and the specific components of pressure drop are also further investigated.