A three-dimensional model is established to investigate the effect of argon injection mode, argon flow rate and casting speed on the gas–liquid two-phase flow behavior inside a slab continuous casting mold. The Eulerian–Eulerian model is employed to simulate the gas–liquid flow, and the population balance model is applied to describe the bubble breakage and coalescence process in the mold. The numerical simulation results of the bubble size distribution are verified using the water model experiment. The results show that the flow field and bubble distribution are similar between the argon injection at the upper submerged entry nozzle (SEN) and tundish upper nozzle (TUN), while the number density is larger for the argon injection of TUN. The coalescence rate of bubbles and the bubble size inside the mold increase with increasing argon flow rate. When the argon flow rate exceeds 4 L/min, the flow pattern of liquid steel changes from double-roll flow to complex flow, with aggravation of the level fluctuation of the top surface near the SEN. When the casting speed increases, the bubble breakup rate increases and results in a decrease in the size of bubbles inside the mold. At a high casting speed, the flow pattern tends to form double-roll flow, and the liquid level at the narrow face of the top surface increases.