A computational model of the continuous casting process has been developed, which includes transient heat transfer, multiphase flow, solidification, and mold oscillation. Succeeding the previous report on the evolution phenomena in the mold, this article describes fluctuations in the pressure, heat flux, and slag films during the oscillation cycle and the coupling effect of these variables on slag flow and shell growth. The results show that the predicted flux pressure is decided by the combined effect of mold velocity and liquid film thickness. The presence of slag rim enhances the nonuniform pressure flow near the meniscus during mold oscillation. Increases in pressure and heat flux occur in the negative strip time while the mold and slag rim move downwards approaching the lowest position, which squeezes the slag flow to be divided into two tributaries, promoting the slag infiltration and the initial shell solidification. Negative consumption rate is identified partly in the cycle based on the velocity distributions of liquid slag. The model provides quantitative analysis regarding the influence of meniscus shape and slag films related to the casting speed on slag consumption and oscillation mark formation.