Ice slurries are phase change materials extensively used in refrigeration technology. This work describes an experimental study and empirical modeling that was carried out to characterize the rheological behavior of ice-in-oil slurries. Decane and crushed ice were mixed to prepare test samples with ice volume percentages ranging from 3.5 to 17.7%. The size of the particles was 0.27 ± 0.13mm. The viscosity measurements are performed at −2.5, −5.0, and −10.0°C using a rotational viscometer with a three-bladed impeller. The maximum relative velocity was ∼3.1 for 17.7% vol. concentration. A Bingham viscoplastic model was used to predict the rheological behavior of ice-in-oil slurries. The fractal dimension, packing limit, size of ice particles, and inter-particle cohesive forces were all considered in rheological calculations to make the model extensively applicable. The model’s accuracy is then examined using third-party experiments and experimental findings from the current study. The model appears to be a viable tool for predicting the viscosity of ice-in-oil slurries.