Managing industrial waste is a global challenge. Red mud is a byproduct of the aluminum industry posing serious concerns. The presence of FeO and CaO in red mud makes it a potential DeP flux. Red mud has been utilized as a DeP flux in previous studies, but these studies deal with low Si content and no P2O5 content in the red mud. However, certain steel makers have high initial Si content (0.6–0.7 wt%) in the hot metal, and with increasing demand for low P steel, new dephosphorization fluxes need to be explored. Addressing this gap, this study investigates red mud's potential as a flux for dephosphorization in hot metal with elevated Si levels. Conducting slag–metal equilibrium experiments at 1350 °C, using red mud‐based fluxes, the research achieves a 40% dephosphorization degree under optimized conditions of double deslagging and fluxing. Analysis via wet chemical methods and inductively coupled plasma mass spectrometry confirms the effectiveness of the approach. Furthermore, thermodynamic calculations highlight the influence of O2 partial pressure and Si content on dephosphorization efficacy. Through laboratory experiments and theoretical insights, this study provides a valuable roadmap for leveraging red mud as a sustainable flux in hot metal dephosphorization processes, contributing to both waste management and steel production efficiency.