The corrosion behavior of alumina–chromia refractory against two kinds of industrial slags (coal slag and iron smelting slag) at 1550°C was investigated via thermodynamic simulations. In the proposed simulation model, the initial slag first attacks the matrix and surface aggregates and subsequently attacks the inner aggregates. The simulation results indicate that the slag chemistry strongly affects the phase formation and corrosion behavior of the refractory brick. Greater amounts of alumina were dissolved and spinel solid phases formed when the brick interacted with iron smelting slag. These phenomena, as well as the calculated lower viscosity, may lead to much deeper penetration than that exhibited by coal slag and to more severe corrosion compared to that induced by coal slag. The thermodynamic calculations well match the experimental observations, demonstrating the efficiency of the proposed simulation model for evaluating the corrosion behavior of alumina–chromia refractory.