The triplex‐electrode electroslag remelting (TE‐ESR) furnace has the three‐phase equilibrium power supply which has the advantages of balanced load and reasonable short network structure, leading to a higher power factor. A transient three‐dimensional (3D) sequence‐coupled mathematical model is developed to explore the magneto‐hydrodynamic two‐phase flow and heat transfer in the TE‐ESR furnace. Compared to the traditional ESR process, the electromagnetic field, fluid flow, temperature, and solidification in the TE‐ESR system is completely different. Electric current has a tendency to gather beneath the top part of slag layer, with small amount entering the metal bath and the solidified ingot. The maximum Joule heating does not distribute beneath the interface of electrode and slag, but between adjacent electrodes. The thermal distribution in the TE‐ESR process is much more uniform than in the traditional ESR process, which is beneficial to improving ingot quality, especially heavy ingots. It can be observed that there is a pair of recirculation zones beneath the bottom of each electrode, caused by the formation and dripping of metal droplets. When the melting rate is increased to 0.03 kg s−1, the depth of the metal bath profile increases from 0.16 to 0.165 m.