A long-term foundational study aimed at developing a thermodynamic database for continuous basalt fiber systems is in progress. In this work, the equilibrium phase relations of the SiO2–Al2O3–Fe3O4-5 wt.% CaO system at 1400 °C in air atmosphere were determined experimentally using the equilibrium-quenching technique. Subsequent analyses were conducted using Electron Probe Micro-Analysis (EPMA), X-ray Diffraction (XRD), and Scanning Electron Microscopy (SEM) to validate the experimental results and further investigate the microstructural characteristics. The results revealed a single liquid region and three distinct two-phase regions as Liquid-Cristobalite, Liquid-Mullite solid solution, and Liquid-Spinel solid solution. Additionally, two three-phase regions were identified as liquid-cristobalite-mullite solid solution, and liquid-mullite solid solution-spinel solid solution. This work contributes to a deeper understanding of the phase behavior during the melting of basalt ore systems, which is crucial for optimizing their production and enhancing their applications.