<p>The hot deformation behavior of the premium GH4738 alloy was investigated in the temperature range of 1313 to 1353&#xa0;K at strain rates of 0.01 to 1&#xa0;s⁻¹ using the hot compression test. To accurately predict flow stress, three novel strain compensation constitutive equations were developed and rigorously assessed. The results indicate that the power function model (correlation coefficients <i>r</i> = 0.98544) demonstrates greater prediction accuracy compared to other functions, with a calculated average activation energy of 507.968&#xa0;kJ&#xa0;mol⁻¹. Additionally, electron backscattered diffraction technology and transmission electron microscopy were used to analyze the evolution of the alloy microstructure during dynamic recrystallization under different deformation conditions. The results show that under high-temperature and large deformation conditions, the dislocation density and the degree of grain rotation increase, which promotes the formation and growth of new recrystallized grains, so that recrystallization is completed when the deformation amount reaches 30%. Besides, the increase in the temperature not only enhances the thermal activation mechanism, but also improves the grain size uniformity and texture consistency. Meanwhile, the carbide inhibits grain overgrowth by pinning grain boundaries, maintaining a fine and uniform grain structure of the alloy, and thereby improving the plasticity of the material.</p>