In this work, the preparation of titanium sponge by magnesium thermal method is regarded as the liquid-phase sintering process of titanium, and powder-metallurgy sintering technology is utilized to simulate the aggregation–growth and densification behavior of titanium particles in a high-temperature liquid medium (the molten Mg-MgCl2 system). It was found that compared with MgCl2, Mg has better high-temperature wettability and reduction effect, which promotes titanium particles to form a sponge titanium skeleton at lower temperature. The aggregation degree of titanium particles and the densification degree of a sponge titanium skeleton can be improved by increasing the temperature and the relative content of Mg in the melting medium. The kinetics study shows that with the increase in temperature, the porosity of the titanium particle aggregates and the sponge titanium skeleton decreases, and their density growth rate increases. With the extension of time, the aggregation degree of titanium particles and the densification degree of sponge titanium gradually increase. This work provides a theoretical reference for controlling the density of titanium sponge in industry.