A CFD-based numerical model was employed to quantitatively analyze the flow characteristics of double-side-blown gas−liquid flow. Key parameters were extracted, and Spearman correlation analysis was used to quantify the relationships among bubble behavior, circulating flow, and liquid oscillations. The results show that periodic bubble behavior under steady injection drives the circulating flow of the liquid on both sides. The asynchronism of bubble behavior on both sides results in the alternation of circulating intensity, which significantly enhances gas−liquid mixing efficiency at certain liquid levels of 200 and 220 mm. Flow patterns of the double-side-blown process are classified into weak circulation, strong−weak alternating circulation, and strong circulation modes based on the influence of circulating flows on the penetration depth. The penetration depth in the strong−weak alternating circulation mode is generally greater than that in the single-side-blown process. The imbalance of circulating intensities on both sides primarily leads to the stable fluctuation in the injecting direction, which reveals the appearance of periodic oscillations in the molten bath. The effect of control parameters such as liquid level and gas flow rate on the liquid oscillations were discussed.