The smooth drainage of produced iron and slag is a prerequisite for stable and efficient blast furnace operation. For this it is essential to understand the drainage behavior and the evolution of the liquid levels in the hearth. A two-dimensional Hele–Shaw model was used to study the liquid–liquid and liquid–gas interfaces experimentally and to clarify the effect of the initial amount of iron and slag, slag viscosity, and blast pressure on the drainage behavior. In accordance with the findings of other investigators, the gas breakthrough time increased and residual ratios for both liquids decreased with an increase of the initial levels of iron and slag, a decrease in blast pressure, and an increase in slag viscosity. The conditions under which the slag–iron interface in the end state was at the taphole and not below it were finally studied and reported.