The rheological properties, including viscosity, melting temperature, surface tension, density, and viscous activation energy (Eη) were systematically investigated in the CaO–MgO–SiO2–Al2O3-50 % TiO2 slag system with SiO2/Al2O3 = 1.0. The effect of CaO/MgO on the structure and phase composition of the slag was studied using Raman spectroscopy and X-ray diffraction (XRD). The results of viscosity properties indicate that as the CaO/MgO ratio in the slag increase, viscosity and the viscous activation tend to decrease. Melting temperature and surface tension decreases with increasing CaO/MgO, while density increases. As the CaO/MgO ratio in the slag increases, polymerization decreases, leading to the dissociated basic oxides into metal cations and oxygen anions. This addition of basic oxides provides more O2−, increasing the O/Si ratio, disintegrating complex silica-oxygen composite ions into simple silica-oxygen composite anion, and reducing viscosity. Anosovite (MgTi2O5), CaAl2Si2O8, Mg (Al, Ti)2O4, spinel (MgAl2O4), augite (Ca (Mg, Fe, Al) (Al, Si)2O6) and Ca12Al14O33 were identified as the primary phases in slag. The appropriate CaO/MgO should not exceed 0.76. These findings will serve as a valuable technical foundation to support the development of the direct reduction smelting process for the comprehensive utilization of vanadium titanomagnetite.