Combining with the physical model of level fluctuation in a thick slab continuous casting mold with the cross-section of 1500 mm×280 mm and argon blowing, the rationalities of estimating the level fluctuation by three traditional quantitative approaches were discussed, and the effects of gas flowrate, casting speed, and the immersion depth of submerged entry nozzle (SEN) on the level fluctuation were also investigated. As a result, it seems that three traditional quantitative approaches are not very suitable for estimating the level fluctuation in a mold with argon blowing, so a new approach for estimating level fluctuation in the mold with argon blowing was presented. The experimental results show that the level fluctuation is mainly in the region around the nozzle wall. When the casting speeds are larger than a certain value, there is the escape of large bubbles near the nozzle wall, which causes an obvious increase of level fluctuation. Furthermore, optimal process parameters, viz., the gas flowrate of 6 NL/min, the casting speed of 1.1 m/min, and the immersion depth of 170 mm, are presented to restrain the level fluctuation by a physical model.