In this paper, the influence of bismuth content and heating rate on the morphology of MnS inclusions in bismuth-containing free-cutting steel during heating was investigated through in situ observation experiments and 3D electrolytic corrosion experiments. By observing the microscopic morphology of inclusions in the original sample, it was found that MnS inclusions in the sample were rod-shaped, spherical, irregular, small in size, and mostly clustered at the grain boundary in the form of chains and divergences. With the addition of bismuth, MnS inclusions of a larger size appear in the steel, and the inclusions distributed at grain boundaries are also reduced. When bismuth (0.010~0.020%) is added to the steel, MnS is mainly spherical and uniformly dispersed in the steel matrix. If the bismuth content is too high, the inclusions aggregate. Through in situ observations of the inclusions in the sample, it was found that the addition of bismuth in the heating process delays the appearance of ferrite grain boundaries and contributes to the spheroidization of MnS inclusions. Mn and S elements can fully diffuse slowly in the matrix with a heating rate below 1 °C/s and a long holding time (300 s), which provides the possibility for the spheroidization of MnS inclusions.