Ladle refining is an efficient process for improvement of quality of steel on secondary metallurgy under harsh conditions. Magnesia refractories with high purity are important raw materials for ladle lining in high-quality steel production. However, the penetration by CaO-MgO-SiO2 slags damages magnesia refractories, which considerably limits their service life. Abundant grain boundaries in magnesia create channels for slag penetration and lead to the destruction of the structure. The effect of the microstructure on the slag corrosion behavior of magnesia aggregates requires further systematic investigation. In this study, a corrosion model was established to describe the slag penetration process of magnesia aggregates. The effects of the grain-boundary size and slag CaO/SiO2 mass ratio (C/S ratio) on slag penetration were investigated, and the possibility of the microstructure optimization of magnesia aggregates was discussed. The results indicated that magnesia aggregates exhibited excellent slag resistance for slag with a C/S ratio above 1.5 or even 2.0. When the slag C/S ratio was lower than 1.5, the dissolution rate of magnesia decreased more rapidly with the increase in the slag C/S ratio. In addition, the much smaller grain-boundary size increased the slag penetration resistance by promoting the formation of a dense isolation layer and inhibiting further penetration processes. The calculation results agreed well with the experimental results, suggesting that the corrosion model is promising for predicting slag corrosion.