In order to recover the waste heat of molten blast furnace slag, a reactor with top-submerged lance was established. The numerical simulation and experiment study of the flow characteristic in the reactor were conducted. According to the bubble behavior in bath, there were four stages: initial expansion stage, bubble detachment stage, freedom lift up stage and bubble broken stage. When the flow field in bath fully developed, the gas fraction decreased with the increasing of bath depth. During injection process, the area near the nozzle and lower the bath would first generate two symmetric heliciform flow regime, and then the flow regime in whole bath would become irregular because of bubble lifting up and rupturing. The gas fraction in bath, the average velocity and turbulence energy of slag would decrease before it increased to maximum and then it would keep fluctuate in a range.