Various carbon contents in the MgO-C refractory were studied with respect to the oxidation resistance and the wetting behavior with slag. The bulk density, apparent porosity, cold crushing strength, oxidation rate, and mass loss rate of the fired MgO-C refractories with various carbon contents were measured and compared. The wetting and penetration behavior of the cured MgO-C refractory with the molten slag were observed in-situ. The contact angle and the shape parameters of molten slag, including the apparent radius, height, and volume were compared. The results showed that the regenerated MgO effectively restrained the carbon oxidation in the MgO-C refractory, which was more evident at the low carbon content refractory. The contact angle between the MgO-C refractory and the molten slag increased as the carbon content increased. The increased contact angle decreased the penetration of the molten slag.