The transient infiltration and lubrication behaviour of slag during continuous casting of steel is important for billet quality. A two-dimensional coupled mathematical mould model was developed to investigate these phenomena. The accuracy of the model was verified by comparing the calculated slag consumption with measurements by the plant. The results show that the liquid slag is consumed from the middle and late period of positive strip time to the next early period of positive strip time, including the entire negative strip time. The maximum downward infiltration velocity and positive pressure in the slag channel is at the middle of the negative strip time. Increasing the positive pressure of the slag channel is conducive to lubrication. The shear stresses acting on the shell surface and at the mould side were determined by the lubrication slag consumption and total slag consumption, respectively, and gradually decreased with increasing slag consumption. The negative strip time was lengthened to increase the slag consumption and prolong the time near the maximum downward shear stress, so as to be conducive to the demould.