The thermophysical properties of an industrial blast furnace slag with varying TiO2, V2O3, and FeOx content are investigated using a rotating viscometer and maximum bubble pressure method at low oxygen partial pressure. The obtained experimental results are supported by thermodynamic calculations using FactSage 7.2 software and by scanning electron microscope analysis. The measurement outcomes clearly indicate that an increase in V2O3 and TiO2 content up to 10 wt% at 5 wt% FeOx leads to a decrease in the viscosity of all studied slags; however, with 15 wt% of V2O3 and TiO2, the viscosity changes insignificant. The presence of 10 wt% FeOx alters the behavior of the slags in the liquid‐dominant region. These changes in the break point temperature are consistent with the behavior of melilite and perovskite phases. Moreover, an increase in the FeOx, V2O3, and TiO2 increases the density of all studied slags within the temperature range of 1450–1650 °C. Additionally, introducing pure oxides to the slag reduces the surface tension of all the studied slags, confirming their role as a surfactant.