A two-dimensional transient inverse heat-conduction problem (2DIHCP) was established to determine the mold heat flux using observed temperatures. The sequential regularization method (SRM) was used with zeroth-, first-, and second-order spatial regularization to solve the 2DIHCP. The accuracy of the 2DIHCP was investigated under two strict test conditions (Case 1: heat flux with time-spatial periodically varying, and Case 2: that with sharp variations). The effects of the number of future time steps, regularization parameters, order of regularization, discrete grids, and time step size on the accuracy of the 2DIHCP were analyzed. The results showed that the minimum relative error (epred) of the predicted Case 1 heat flux is 5.05%, 5.39%, and 5.88% for zeroth-, first-, and second-order spatial regularization, respectively. The corresponding values for the predicted Case 2 heat flux are 6.31%, 6.30%, and 6.36%. Notably, zeroth- and first-order spatial regularization had higher accuracy than second-order spatial regularization, while zeroth-order spatial regularization was comparable to first-order. Additionally, first-order spatial regularization was more accurate in reconstructing heat flux containing sharp spatial variations. The CPU time of the predicted Case 2 heat flux is 1.71, 1.71, and 1.70 s for zeroth-, first-, and second-order spatial regularization, respectively. The corresponding values for the predicted Case 1 heat flux are 6.18, 6.15, and 6.17 s. It is noteworthy that the choice of spatial regularization order does not significantly impact the required computing time. Lastly, the minimum epred of Case 2 heat flux with zeroth-order spatial regularization is 7.96%, 6.42%, and 7.87% for time step sizes of 1/fs, 1/2fs, and 1/5fs, respectively. The accuracy of the inverse analysis displays an initial improvement followed by degradation as the time step size decreases. A recommended time step size is 1/2fs, where fs denotes the temperature-sampling rate.