The hot deformation behavior of Nb–V–Ti microalloyed ultra-high strength steel was investigated by isothermal compression at 900–1200 °C with strain rates from 0.01 to 10 s−1. The microstructure evolution and precipitation behavior were studied using an optical microscope and a transmission electron microscope Results indicate that the peak stress of experimental steel increases with increasing the strain rate and decreasing the deformation temperature. The constitutive equation of hot deformation was developed with the activation energy Q being about 407.29 kJ/mol. The processing maps were also obtained to identify the instable regions of the flow behavior and to evaluate the efficiency of hot deformation. The size of dynamically recrystallized grains increases gradually with a decrease in the strain rate. Three types of carbides were identified, namely M3C, rich-Ti MC, and rich-Nb MC. With the increase of the deformation rate, the amounts of carbides increase, and the average sizes of the carbides decrease gradually.
