To understand the effect of the non-Newtonian behavior of mold slag on lubrication during continuous casting of steel, the current study investigated the rheology of CaO-SiO2-based mold slag using a rotational viscometer with variable rotating speed. The constitutive equations at different temperatures were determined. Subsequently, the obtained viscosity as a function of temperature and shear rate was incorporated into a validated mathematical model. The main results demonstrated that slag viscosity decreased dramatically with increased shear rate as the experimental temperature approached the break temperature of mold slag, meaning that the mold slag had a property of shear thinning. The predicted evolution of slag viscosity during mold oscillation was consistent with the shear thinning as the shear rate exerted on the slag channel varied. The calculated slag consumption was higher than that for slag treated as a Newtonian fluid, which agreed well with measurements using a miniature continuous caster. This study finds that the consideration of the non-Newtonian behavior of mold slag is significant to understand the lubrication mechanism and optimize related parameters via simulation.