It is a challenge to produce peritectic steels through compact strip production (CSP) technology, due to the large volume shrinkage during the initial solidification of peritectic steels and dramatic thermodynamics variation caused by the significant improvement of casting speed. Herein, two mold fluxes are developed to meet the demands for producing peritectic steels by CSP technology. The results show that the developed mold flux MF‐2 achieves the balance between the heat transfer control and mold lubrication, by increasing the CaO/SiO2 ratio to a particular point at 1.25 and the addition of Li2O content. The oxides of CaO and Li2O act as network breakers that will provide more O2− ions to depolymerize the original silicate structure, which in turn promote the mold flux crystallization capability and an effective heat transfer control. Meanwhile, the system viscosity of MF‐2 is lowered; also a good flow fluidity and break temperature are achieved to guarantee an appropriate mold lubrication behavior. In addition, the further addition of Li2O could lower the melting temperature to ensure a certain thickness of liquid layer as well. Therefore, MF‐2 shows the best overall performance and could be applied to industrial operations.