By analyzing the cause of the temperature drop of the molten steel during the steelmaking process, it is known that the heat loss of the molten steel is mainly due to the heat absorption of the ladle body, and the heat convection and radiation from the outer ladle shell and slag. The ladle body absorbs lot of heat from the molten steel; therefore, good ladle preheating and heat preservation can reduce costs for reheating. The heat dissipated from the top slag depends on the temperature of the slag surface, which shows the importance of the insulation cover of the ladle top. As the using times of a ladle increasing, the thickness of the refractory will gradually decrease, and the thermal insulation effect will become weak. The temperature of the outer wall rises, and the heat loss from the outer wall increases. The temperature drop rate of molten steel can be estimated by combining the degree of influence of these known ways and change the holding time. This is helpful for more accurately adjusting the parameters of the steelmaking process.