In industrial processes, a semi-cavity area formed by airflow wherein the particles circulate is called a “raceway”. In a blast furnace, the role of the raceway is particularly important. To understand and predict the evolution and physical characteristics of the raceway, a three-dimensional transient Eulerian multiphase flow model in a packed particle bed was developed. In the model, it was assumed that the gas and solid (particle) phases constitute an interpenetrating continuum. The gas-phase turbulence was described as a k−ε dispersed model. The gas-phase stress was considered in terms of the effective viscosity of the gas. The solid-phase constitutive relationship was expressed in terms of solid stress. It was found that the evolution process of the raceway can be divided into three stages: (1) rapid expansion, (2) slow contraction, and (3) gradual stabilization. When the blast velocity was increased from 150 m/s to 300 m/s, the surface area of the raceway increased from 0.194 m2 to 1.644 m2. The depth and height of the raceway increased considerably with velocity, while the width slightly increased.