This review article discusses the latest advances on molten phase monitoring in metallurgical processes by using Laser-Induced Breakdown Spectroscopy (LIBS). LIBS is an analytical laser-based technique, where a pulsed laser is focused on a sample to create a plasma. The optical emission from the plasma can be transferred through open-path optical configuration or via an optical fiber to a spectrometer to receive analytical information in the form of elemental composition. Thus, a relatively long-distance analysis can be performed using LIBS. Several modern experimental arrangements, patents and industrial notes are assessed, and the literature is reviewed. The review includes applications of LIBS to analyze steel, iron, aluminum, copper, slags, metal melts, and other materials. Temperature, pressure, and atmospheric composition are crucial parameters of any melting process. Hence, past studies on molten phases describing these parameters have been discussed. Finally, the review addresses the last technological advances for these types of applications. It also points out the need of development in some fields and some limitations to overcome. In addition, the review highlights the use of modern machine learning and data processing techniques to increase the effectiveness of calibration and quantification approaches. These developments are expected to improve the performance of LIBS systems already implemented at an industrial scale and ease the development of new applications in pyrometallurgical processes to address the stringent market and environmental regulations.