The hot deformation behavior of the as-rolled 7050 aluminum alloy was investigated using isothermal hot compression experiments with temperatures ranging from 300 to 460 °C and strain rates ranging from 0.001 to 1 s−1, up to a total strain of 1.1. A strain-compensated Arrhenius (SCA) model was established based on the experimental flow stress data. The predictive accuracy of the model was numerically evaluated using the Correlation Coefficients (R) and the Average Absolute Relative Error (AARE). Electron backscatter diffraction (EBSD) was used to characterize the effects of strain rate and compressive temperature on the microstructure evolution and recrystallization behavior. The results indicated that the geometric dynamic recrystallization (GDRX) occurred at high strain rates or low temperatures, while continuous dynamic recrystallization (CDRX) became the dominant recrystallization mechanism with increasing deformation temperature and decreasing strain rate. The work hardening effect was enhanced during the later stage of deformation, and discontinuous dynamic recrystallization (DDRX) became the main recrystallization mechanism.