In order to study the hot deformation and dynamic recrystallization behavior of annealed GH2132 superalloy, this paper conducted hot compression tests of GH2132 superalloy at different temperatures (950°C–1150°C) and different strain rates (0.01/s–10/s) using Thermocmaster Z thermal simulation testing machine, and made an in-depth analysis of recrystallization behavior via electron backscattered diffraction (EBSD). The results indicate that the flow stresses of GH2132 alloy first increase and then decrease at high temperature, among which the curves present a more obvious flow softening at 10/s. Continuous dynamic recrystallization (CDRX) is dominant at high temperature and low strain rate, while discontinuous dynamic recrystallization (DDRX) plays the major role at low temperature and high strain rate. The type of recrystallization has a significant impact on the formation and volume fraction of twinning. In addition, high-temperature constitutive model, hot processing map, and an unified dynamic recrystallization kinetic model of GH2132 superalloy were established. Thus, the optimal range of hot working parameters was obtained. The research results provide guidance for determining the hot working process window of GH2132 superalloy.