The high-temperature hot air of hot blast stoves has an important effect on blast furnace ironmaking; it is one of the crucial factors that are used to assess the performance of hot blast stoves. In this study, a three-dimensional fluid flow heat transfer model combining turbulence, heat transfer, combustion, heat radiation, and heat exchange models was developed to assess the combustion and air supply characteristics of a new type of top combustion hot blast stove. The results indicate that nozzles that are alternately arranged in the same layer of the new hot blast stove caused rapid combustion reactions. In addition, it caused the high-temperature flue gas in the pre-combustion chamber to accelerate toward the combustion chamber, thereby eliminating the “eccentric swirl” of the traditional hot blast stove and improving the heat transfer efficiency and heat storage capacity. However, the “attachment effect” of the fluid still occurred in the new stove type, which led to an unreasonable temperature distribution inside the combustion chamber and regenerator. Therefore, an improved design of a top combustion hot blast stove was proposed in this paper. Using the developed numerical model, the performance of the new design was evaluated and compared with the original one.