Warm compression tests were carried out on low carbon and low alloy steel at temperatures of 600–850 °C and stain rates of 0.01–10 s⁻¹. The evolution of microstructure and texture was studied using a scanning electron microscope and electron backscattered diffraction. The results indicated that cementite spheroidization occurred and greatly reduced at 750 °C due to a phase transformation. Dynamic recrystallization led to a transition from {112} texture to {111} texture. Below 800 °C, the intensity and variation of texture with deformation temperature is more significant than that above 800 °C. The contents of the {111} texture and {111} texture were equivalent above 800 °C, resulting in the better uniformity of γ-fiber texture. Nucleation of //ND-oriented grains increased, leading to the strengthening of //ND texture. Microstructure analysis revealed that the uniform and refined grains can be obtained after deformation at 800 °C and 850 °C. The texture variation reflected the fact that 800 °C was the critical value for temperature sensitivity of warm deformation. At a large strain rate, the lowest dislocation density appeared after deformation at 800 °C. Therefore, 800 °C is a suitable temperature for the warm forming application, where the investigated material is easy to deform and evolves into a uniform and refined microstructure.