The thermal deformation and dynamic recrystallization (DRX) behavior of a nickel-based superalloy were investigated by the thermal compression test. The experimental results show that the process parameters have great influence on the flow stress of the superalloy. In addition, there is an inflection point on the DRX softening stage of the work-hardening rate versus stress curve. DRX under the conditions of higher temperatures and lower strain rates easily occurs when the strain reaches a critical level. Based on the classical dislocation density theory and the DRX kinetics models, a two-stage constitutive model considering the effect of work hardening-dynamic recovery and DRX is developed for the superalloy. Comparisons between the predicted and experimental data indicate that the values predicted by the proposed constitutive model are in good agreement with the experimental results.