To study the final equilibrium state and process of CO2 injecting into the Fe–C melt with different initial carbon contents, a model was established based on the method of minimization of Gibbs free energy and the corresponding experiments were carried out in a high-temperature tube furnace. When CO2 is continuously injected into the Fe–C melt at 1873 K, the final equilibrium state of the system is such that the carbon and oxygen contents in the melt are 0.1977 and 0.0115 wt pct, respectively, and the volume ratio of CO in the gas phase is 85.75 vol pct. When the initial a[O] × a[C] in the melt is greater than those in equilibrium with CO under 0.8575 atm, the CO2 gas removes carbon from the melt. On the contrary, the role of CO2 gas is to add carbon and oxygen to the melt. At the same time, the variation of carbon and oxygen with time obtained by experiments was different from the theoretical calculation at extremely low carbon content, which requires further study.