The influence of the electrode immersion depth on the electromagnetic, flow and temperature fields, as well as the solidification progress in an electroslag remelting furnace have been studied by a transient three-dimensional coupled mathematical model. Maxwell’s equations were solved by the electrical potential approach. The Lorentz force and Joule heating were added into the momentum and energy conservation equations as a source term, respectively, and were updated at each time step. The volume of fluid method was invoked to track the motion of the metal droplet and slag–metal interface. The solidification was modeled by an enthalpy–porosity formulation. An experiment was carried out to validate the model. The total amount of Joule heating decreases from 2.13 × 105 W to 1.86 × 105 W when the electrode immersion depth increases from 0.01 m to 0.03 m. The variation law of the slag temperature is different from that of the Joule heating. The volume average temperature rises from 1856 K to 1880 K when the immersion depth increases from 0.01 m to 0.02 m, and then drops to 1869 K if the immersion depth continuously increases to 0.03 m. As a result, the deepest metal pool, which is around 0.03 m, is formed when the immersion depth is 0.02 m.