The decomposition characteristics of four magnesium oxychloride phases in the system MgO—MgCl2–H2O were studied by the thermogravimetric method. The decomposition rate curves obtained at different temperatures in the interval 100°–500°C were found to follow formal first order kinetics. The activation energy values of the decomposition reactions were calculated to compare the thermal stabilities of the phases. The 5-phase was suggested as the desirable one in magnesium oxychloride cement for high temperature application as refractory castables.