In this work, a three-dimensional finite element model of a newly structured high-speed continuous casting mold was established to study the heat transfer and solidification process of the billet shell. A complete billet shell, from the meniscus to the secondary cooling zone, was obtained through flame cutting. Using both simulations and test verification, detailed analyses were conducted on the temperature field distribution, thickness variation law, and cooling rate law of the billet shell within the mold, revealing its solidification behavior. Additionally, the effects of casting speed, molten steel superheat, and mold taper on the solidification behavior of the billet shell were discussed. Results showed that the simulation data were basically consistent with the test verification results. Within 200 mm from the meniscus, the heat dissipation accounted for three-quarters of the mold's total heat dissipation. The cooling rate at the corners of the billet shell was slightly higher than that at the sides. Between 200 mm and 400 mm from the meniscus, air gaps caused the temperature at the corners of the billet shell to rise. Afterwards, the whole billet shell eventually reached a similar the heat dissipation rates. The thickness of the billet shell increased exponentially within 110 mm from the curved meniscus, and from 110 mm to the exit of the mold, the thickness increased linearly but slowly. The effect of molten steel superheat within a range of 10 °C on billet shell solidification was relatively minor. Increasing the casting speed reduced the billet shell thickness and raised the billet shell surface temperature. However, increasing the taper of the mold had the opposite effect. Both adjustments shifted the gap formation position backward.