Inappropriate slag foaming is the main cause of splashing in basic oxygen furnace (BOF). Through the physical modeling, the effects of slag–metal reaction rate, viscosity of slag, slag–metal interface tension, and lance height on the slag foaming are investigated, and further analyzed the relation between the extent of BOF slag foaming and splashing. Consequently, two patterns of overflowing splashing and eruptive splashing and their critical conditions are summarized. The experimental results indicate that gas released by slag–metal reaction is primarily responsible for slag foaming in BOF, and the maximum height of foamed slag increases with increasing reaction rate of slag–metal. Moreover, an increase in dynamic viscosity of slag prevents the foam structure transforming from spherical foam to polyhedral foam, and thus improves the maximum foaming ability of slag and the stability of foam structure. With decreasing slag–metal interface tension, the slag–metal emulsification and the stability of foam structure are promoted. Finally, it is concluded that overflowing splashing occurs under the conditions of the higher dynamic viscosity of slag and the larger gas generation amount; whereas, eruptive splashing occurs under the conditions of the lower dynamic viscosity of slag and the higher gas generation rate.