Electromagnetic levitation (EML) is a good method for high-temperature processing of reactive materials such as titanium–aluminum (Ti–Al) alloys. In this study, the oscillation and deformation processes of Ti-48Al-2Cr alloy specimens at different high-frequency currents during the EML process were simulated using the Finite Element Method and Arbitrary Lagrangian–Eulerian (ALE) methods. The data of oscillation, stabilization time, deformation, and distribution of electromagnetic–thermal–fluid fields were finally obtained. The accuracy of the simulation results was verified by EML experiments. The results show the following: the strength and distribution of the induced magnetic field inside the molten droplet are determined by the high-frequency current; under the coupling effect of the electromagnetic field, thermal field, and fluid field, the temperature rise of electromagnetic heating is rapid, and accompanied by strong stirring, resulting in a uniform distribution of the internal temperature and a small temperature difference. Under the joint action of gravity and Lorentz force, the molten droplets are first within a damped oscillation and then tend to stabilize with time, and finally maintain the “near rhombus” shape.