CaO-SiO2 is the key system in ferrous and non-ferrous metallurgy, ceramic manufacture, cement production, and other applications. A number of discrepancies and gaps in knowledge has been identified and resolved since the last thermodynamic optimization of this system. This study reports new experimental phase equilibria data measured using recent advances in equilibration, sample quenching, and Electron Probe X-ray Microanalysis (EPMA) technique. An updated self-consistent set of thermodynamic model parameters is provided. Most importantly, these updates are integrated with a complete re-assessment of the 20-component Cu-Pb-Zn-Fe-Ca-Si-O-S-Al-Mg-Cr-Na-As-Sn-Sb-Bi-Ag-Au-Ni-Co system directly relevant to applications in the ferrous and non-ferrous metallurgical industries. To obtain a large single set of model parameters, significant advances were made in the computational approach, with a focus on simultaneous parallel optimization of binary and ternary model parameters using an experimental dataset combining binary, ternary, and multicomponent information. The Modified Quasichemical Formalism is used for the liquid slag phase. Thermodynamic properties of solid phases and liquid endmembers are completely revised following the recommendations for the third generation of CALPHAD databases. Other notable changes include the revision of the melting temperature of CaO, justified by extrapolations from the multicomponent systems, as well as a physically realistic heat capacity function for metastable SiO2 below the glass transition temperature. These updated properties expand the areas of application of the database to amorphous and partially crystallized slags at ambient temperatures, such as thermodynamics and kinetics of leaching of toxic elements in an aqueous environment. The fundamental limitations of the existing Modified Quasichemical Formalism are also discussed, along with strategies for addressing them.