<p>In this study, the hot deformation behavior and microstructural evolution of the GH4706 alloy under various thermal processing parameters (TPPs) were investigated through hot deformation experiments and electron backscatter diffraction (EBSD) microstructural characterization. The findings suggest that increasing hot compression temperature (<i>T</i>) and reducing strain rate <InlineEquation ID="IEq1"> <EquationSource Format="TEX">\(\dot{\varepsilon}\)</EquationSource> <EquationSource Format="MATHML"><math display="block"> <mrow> <mover> <mi>ε</mi> <mo>˙</mo> </mover> </mrow> </math></EquationSource> </InlineEquation> enhance the degree of dynamic recrystallization (DRX), significantly reducing flow stress and weakening texture intensity. Increasing strain (<i>ε</i>) promotes DRX, with the overall texture strength initially increasing before decreasing. During hot compression at 1000–1100 °C, discontinuous dynamic recrystallization (DDRX), continuous dynamic recrystallization (CDRX), and twin-induced dynamic recrystallization (TDRX) jointly influence texture development. Among these, DDRX plays a dominant role, with numerous DDRX grains exhibiting dispersed orientations, significantly contributing to texture weakening. The CDRX mechanism induces a limited number of randomly oriented grains within the deformed grains, and its contribution to texture weakening is enhanced with increasing <i>ε</i> and decreasing <i>T</i>. The TDRX mechanism generates DRX grains within Σ3 twin boundaries deviating from their theoretical orientation, and these grains inherit the twin orientation, exerting a limited effect on texture weakening. These findings provide a theoretical foundation for a deeper understanding of DRX behavior and texture evolution in the GH4706 during hot working.</p>