This paper studies the factors influencing the rheological properties of gunning refractory suspension such as shear rate, shear time, water content, temperature, particle compsotion of refractory and dispersion reagent. The rheological and adhesive properties of gunning refractory are determined from the experiment. The results of rheological tests indicate that: the rheological curve of gunning refractory bonded by high-alumina cement is Bingham type; the rheological curve of low-cement gunning refractory bonded by ultrafine powder is characterised by pseudo-plasticity fluid with yielding stress; and the rheological property of low-cement gunning refractory bonded by ultrafine powder is proven to be better than that of gunning refractory bonded by cement.