<p>With the accelerated green and low-carbon transition, metallized pellets, as clean raw materials for electric arc furnace smelting, play a vital role in reducing carbon emissions. However, their bonding behavior remains unclear. This study established a melting model of multiple metallized pellets in the slag–iron bath, investigating their bonding, melting, and heat transfer behaviors. The melting process of metallized pellets involves three distinct stages: bonding, frozen shell melting, and metallized pellets melting. Bonding occurs when the frozen shells of adjacent metallized pellets come into contact. Increasing preheating temperature or bath temperature, or reducing size, effectively alleviates bonding and shortens melting time. Higher slag content reduces the internal thermal conductivity of metallized pellets, inhibiting heat transfer, thinning the frozen shell, but slowing the overall heating rate. In addition, smaller spacing facilitates frozen shell interconnection, causing bonding and prolonging melting time. A melting time prediction model was further developed, with an average prediction error of 4.98 pct and high accuracy. This work provides crucial theoretical guidance for optimizing the large-scale application of metallized pellets in electric arc furnace.</p>