The primary objective of this study is to explore the impact of temperature and magnesium addition on the partial oxygen potential in lamellar, compacted, and spheroidal cast irons during the cooling process. The oxygen potential is assessed in large-scale plant trials with a 1000 kg scale. Thermodynamic calculations are conducted, and the results are compared with the experimental values. There is a reasonable agreement between the experimental and calculated values, facilitating the prediction of oxygen potential in temperature ranges where measurements are challenging. According to the thermodynamic calculations, it is observed that varying amounts of added magnesium result in the formation of different types of inclusions during cooling. This, in turn, influences the temperature dependency of the oxygen potential in the molten metal.