Microinclusions in steel will significantly affect mechanical performance of final products and therefore require serious concern during metallurgical process. Herein, the collision, coalescence as well as floatation of bubble–inclusion coexisting system is fully studied through a new mathematical model. It comes to the following conclusions: as bubbles rise, they induce a flow of liquid steel from their upper surface to their lower surface, and inclusion droplets rise and collide in the wake of the bubble. The velocity of the bubbles is affected by their deformation, with deformation rates being linked to the Weber number. The coalescence time of these inclusions is primarily influenced by viscosity and surface tension. Coalescence accelerates with higher surface tension or reduced viscosity, and this phenomenon can be described by a formula, which is developed by simulation results. According to this formula, coalescence time of 3CaO·Al2O3 is 20% longer than that of 12CaO7·Al2O3. Consequently, 12CaO7·Al2O3 is more prone to coalescence. The movement of inclusions can be controlled by adjusting gas volume and flow rate. Moreover, promoting coalescence can be achieved by altering the viscosity of inclusions and the surface tension coefficient, making it easier to remove these unwanted inclusions.