When alumina is produced by the Bayer process with high-sulfur bauxite, the sulfur would strongly corrode the 12Cr1MoV steel made heat exchanger. This study investigated the initial corrosion behavior of the 12Cr1MoV steel exposed to a thiosulfate-containing sodium aluminate (TCSA) solution under the evaporation conditions of alumina production. The obtained corrosion rate equation is V = 6.306·t·exp(−0.71). As corrosion progressed, with the corrosion product film growing, the corrosion current density declines slowly, and the corrosion resistance of the steel is increased. At 1–3 days, the corrosion product film consisted of FeO, Fe2O3, and FeOOH. S2O32− lead to corrosion in local areas of the steel and pits appeared. AlO2− is transformed into Al(OH)3 and filled in the corrosion pits. At 4 and 5 days, Fe3O4 is generated in the outermost layer, and Al(OH)3 is shed from the corrosion pits. The corrosion mechanism of 12Cr1MoV steel in a TCSA solution is proposed based on the experimental results.