During the vacuum induction melting (VIM) casting process of Monel K-500 alloy, a large number of shrinkage defects are likely to occur in the upper part of the ingot, resulting in low yield and poor quality. To address this issue, this paper investigates the thermal and physical properties and solidification process of Monel K-500 alloy through thermodynamic calculations using JMat-Pro. The experimental results show that the solidification range of Monel K-500 alloy is between 1250°C and 1350°C; the solidification path is: L→L+γ→L+γ+MC→γ+MC+M7C3→γ'+γ+MC+M7C3; During the solidification process, as the percentage of the residual liquid phase decreases, Ni exhibits negative segregation, while Cu exhibits positive segregation. Combining the thermodynamic calculation results with a finite element (FEM) model, a simulation of the industrial vacuum induction melting casting process for 6 tons of Monel K-500 alloy was conducted. The simulated results were compared with the actual shape and size of the shrinkage defects in the upper part of the induction ingot to verify the reliability of the casting model. In addition, this paper explores the effects of different pouring parameters on shrinkage defects in the vacuum induction ingot based on the model. The results show that the addition of a riser has the most significant improvement on the shrinkage defects in the vacuum induction ingot. As the riser volume ratio increases, the volume of shrinkage defects in the ingot body decreases significantly, with no shrinkage defects present in the ingot body at a riser volume ratio of 20%. When the pouring speed is in the range of 2.5 kg/s-17.5 kg/s, the volume of shrinkage defects in the vacuum induction ingot decreases as the pouring speed decreases; however, below 7.5 kg/s, the shrinkage defects move inward within the ingot body.es; however, below 7.5 kg/s, the shrinkage defects move inward within the ingot body.