The density and phase structure uniformity of the IZO ceramic target would have an effect on the optoelectronic properties of the sputtered film. In this work, a uniformly dispersed IZO slurry was used to obtain high-density green IZO compacts by the slip casting process. Based on the grain size and shrinkage data of IZO ceramics, the densification process was investigated, while the apparent activation energy and growth activation energy were also calculated. The results of XPS showed that sintering in an oxygen atmosphere can increase the concentration of oxygen vacancies of IZO ceramic to improve its electrical properties. Finally, IZO ceramics with a grain size of 3-6 μm and resistivity of 1.5 mΩ·cm were obtained by a two-step sintering method.