Microstructural changes and flow characteristics of a nickel-based superalloy with pre-precipitated δ phases (Ni3Nb) are investigated using hot compressive experiments. The higher forming temperature or lower strain rate not only aggravate the arrangement/annihilation of dislocations, but also stimulate the generation/growth of substructures and dynamic recrystallization (DRX) grains. As the percentage of pre-precipitated δ phases is raised, the obvious work hardening behavior induced by the intense interactions between δ phases, grain boundaries and substructures occurs in the initial hot forming process. While the alloy is further strained, the DRX behavior are obviously promoted by δ phases. Considering the influences of pre-precipitated δ phases and forming parameters, an improved Hensel-Spittel-Carofalo (HSC) equation and an e-insensitive support vector regression (e-SVR) model are developed for reconstructing the flow features of the researched alloy. The minor deviations between the tested and forecasted true stresses indicate that the developed HSC model and e-SVR model can be properly utilized to characterize the hot forming features of the researched superalloy with different percentages of pre-precipitated δ phases.