The properties of a investment material can be described by the consistency at the slurry state, the setting time, the compressive strength and the thermal expansion during the casting. In this study the effect of the production parameters which are included the ratio of quartz and cristobalite, the content of binder, the water powder ratio and the content and concentration of additives on the properties of the gypsum-bonded investments has been investigated with help of the consistency test, the vicat needle test, the compressive strength test, the thermal expansion test, x-ray diffraction and DTA thermal differential test. The experimental results showed that the constitution of a investment with W/P ratio of 0.34, 30% of gypsum, 0.8% aluminium sulfate, 2% magnesium sulfate, 0.6% sodium phosphate was adapted for the properties of the KDA Spec. No. 13 type I investment. The important experimental results are summarized as follows. 1. The consistency of the investment decreased with increasing amount of aluminium sulfate and decreasing amount of sodium phosphate. An addition of magnesium sulfate up to 2% an increase of the consistency was shown. But 3% magnesium sulfate in investment showed a decrease of consistency. The consistency did not vary significantly with a variation of the content of gypsum and cristobalite and the W/P ratio. 2. Aluminium sulfata and the magnesium sulfate promoted the hardening and the aluminium phoshpate delayed the hardening. The setting time increased with amount of gypsum. The effect of the matrix on the setting time was insignificant. With the W/P ratio of 0.34 the setting time was 14 min. 3. The compressive strength decreased with the amount of aluminium sulfate up to 0.25% and increased with the amount of aluminium sulfate greater than 3%. The compressive strength decreased as decreasing the amount of magnesium sulfate and gypsum and as increasing the W/P ratio. The effect fo the refractory on the compressive strength was also not significant. With the W/P ratio of 0.34 the compressive strength was $34Kg/mm^2$. 4. The 1st thermal expansion was found at the temperature near $250^{circ}C$ and the steady state or the contraction stage was found at the temperature between $250^{circ}C$ and $500^{circ}C$. After this stage the 2nd thermal expansion took place at the temperature near $500^{circ}C$. The amount of thermal expansion increased with decreasing the content of magnesium sulfate, aluminium sulfate and gypsum and the W/P ratio. And the amount of thermal expansion increased as the content of sodium phosphate ad cristobalite. With the W/P ratio of 0.34 the amount of total expansion was 1.2%.