In this study, we developed a new gypsum-bonded investment for high-fusing alloys. The investment was composed of gypsum as a binder and alumina as a refractory. Effects of type of alumina powder and gypsum content on characteristics of the gypsum-bonded alumina investment were investigated. Obtained characteristics of this experimental investment were as follows: fluidities ranged from 48.8 to 88.9 mm; setting times ranged from 21.2 to more than 120 minutes; setting expansions ranged from 0.4 to 1.3%; green strengths showed 0.5 to 4.5 MPa; fired strengths ranged from 0.2 to 1.7 MPa; thermal expansions after firing were -1.60 to 2.16%. Thermal expansion occurred because of the chemical reaction between Al2O3 and CaO decomposed from gypsum. These results suggest that this gypsum-bonded alumina investment with 20 or 25 mass% gypsum content possessed the fundamental properties for high-fusing alloy casting.