<p>The electric arc furnace (EAF) offers advantages in energy savings, environmental protection, and high efficiency by using scrap as the primary charge and utilizing a high-temperature electric arc as the main heat source for steel smelting. The improvement of EAF smelting efficiency is primarily influenced by three key factors: the heat transfer efficiency of the electric arc, the intensity of molten pool stirring, and the melting rate of scrap. The arc heat transfer efficiency determines the energy input efficiency and the maximum smelting temperature of the EAF. Molten pool stirring intensity plays a crucial role in ensuring uniformity in temperature, composition, and flow within the furnace, preventing the formation of dead zones. The scrap melting rate is a decisive factor in EAF smelting efficiency, largely governed by the coupling of heat and mass transfer. Thus, understanding not only the rapid melting mechanism of scrap but also the impact of arc heat transfer and molten pool stirring is essential to optimizing the smelting process. Advancing research in these areas is critical for shortening the EAF smelting cycle, reducing energy consumption, lowering costs, and improving resource utilization. Therefore, recent achievements and development trends in fundamental research on enhancing EAF smelting efficiency were summarized.</p>