Preparation of high acidity coefficient slag wool fiber with molten slag and modifying agents is considered to be a positive approach for value-added utilization of blast furnace slag. In order to achieve the multi-purposes of fiber-forming, energy saving, and waste heat recovery, the modifying agents that can improve the acidity coefficient of slag effectively, economically, and environmentally were investigated. Three agents with different acidity coefficients were adopted to modify slag and manufacture wool fibers. The effect of agent and slag proportion on the melting temperature and viscosity of molten slag was studied at a fixed acidity coefficient of 1.8 and 2.0. The results indicate that the sample modified with high acidity coefficient agent and high slag proportion has lower melting temperature and viscosity. The effect of agent and slag temperature on the fiber diameter was also investigated when the acidity coefficient of slag is 2.0. At a fixed slag proportion of 50 wt.%, the mean diameter decreases with increasing temperature and decreasing viscosity coefficient. Besides, the temperature drops caused by the addition of agents and energy consumption of samples for heating the slag were also analyzed.