Tundish with channel-type induction heating is one of new technologies adopted widely in China by the steel industry in the recent years, which can supply a constant liquid steel temperature control for the sequenced continuous casting process. For a five-strand tundish with induction heating in service, a kind of novel bifurcated split channel has been designed to solve the poor consistency of temperature and fluid flow for each strand that occurs with the conventional straight channel-type. The temperature distribution and fluid flow behaviors under the two structure modes were compared numerically by an electromagnetic-heat-flow multi-physics field coupling model. The results show that the maximum temperature difference between each strand outlet of the tundish can drop to less than 4 °C upon using the bifurcated channel, as compared to 10 °C under the original straight channel mode. According to the simulated results, case FK-A0 has been chosen as the optimized structure for industrial application. It has been verified through temperature measurements during the casting operation that the novel bifurcated split channel can improve the consistency of steel temperature for every strand of the tundish. The average temperature difference between the edge strand and the middle strand is 4.25 °C lower than the original straight channel, resulting in an upgraded metallurgical effect for the induction heated tundish.