Lagrangian tracking model combined with Eulerian multi-phase model is employed to predict the time-dependent argon–steel–slag–air quasi-four-phase flow inside a slab continuous casting mold. The Eulerian approach is used for the description of three phases (molten steel, liquid slag, and air at the top of liquid slag layer). The dispersed argon bubble injected from the SEN is treated in the Lagrangian way. The complex interfacial momentum transfers between various phases are considered. Validation is supported by the measurement data of cold model experiments and industrial practice. Close agreements were achieved for the gas volume fraction, liquid flow pattern, level fluctuation, and exposed slag eye phenomena. Many known phenomena and new predictions were successfully reproduced using this model. The vortex slag entrapment phenomenon at the slag–steel interface was obtained using this model, some small slag drops are sucked deep into the liquid pool of molten steel. Varying gas flow rates have a large effect on the steel flow pattern in the upper recirculation zone. Three typical flow patterns inside the mold with different argon gas flow rates have been obtained: double roll, three roll, and single roll. Effects of argon gas flow rate, casting speed, and slag layer thickness on the exposed slag eye and level fluctuation at the slag–steel interface were studied. A dimensionless value of Have/h was proposed to describe the time-averaged level fluctuation of slag–steel interface. The exposed slag eye near the SEN would be formed when the value of Have/h is larger than ~0.4.