In order to investigate the effect of magnesia clinker on the characteristics of the investments, temperature change during setting, setting time, compressive strength and thermal expansion of the investments were measured, and x-ray analyses were also performed. The investments were prepared in accordance with variation of the content and the particle size of magnesia clinker respectively. From this experiment, the results were summarized as follows; 1. Temperature of the investments during setting rapidly increased with increase of MgO contents and decrease of the particle size of magnesia clinker. 2. Setting time decreased with increase of MgO contents and decrease of the particle size of magnesia clinker. 3. Compressive strength increased with increase of MgO contents and decrease of the particle size of magnesia clinker. 4. Thermal expansion decreased with increase of MgO contents and decrease of the particle size of magnesia clinker. From the above results, the investment which contains 8% of MgO (270-325mesh) could be recommended for phosphate investment castings.