In this study, mold powder slurries with high solid loading and low viscosity were prepared during the ball-milling process for improving the homogeneity and mechanical properties of granules after spray-drying. The effect of ball-milling parameters, such as solid loading, binder/dispersant content, and ball-milling time, on the flowability, dispersibility, stability, and rheological behavior of mold powder slurries was systematically investigated by rheology observation and sedimentation tests. As these parameters varied, the slurry exhibited the shear-thinning behavior of a non-Newtonian fluid with a shear rate range of 0–50 s−1, which was adequately described by the Herschel-Bulkley model. The optimal parameters that optimized the flowability, dispersibility, and stability of the slurry, along with its rheological behavior, were chosen as follows: solid loading, 60 wt%; modified sodium carboxymethyl cellulose binder content, 1.0 wt%; sodium tripolyphosphate dispersant content, 0.5 wt%; ball-milling time, 60 min.