Since superplastic formation offers a significant advantage in preparing the complex structure parts of HEAs, the study of their superplastic behavior is extremely important. Using friction stir processing (FSP) with an improved convex hemispherical shape tool, this study reported for the first time an equiaxed ultrafine-grained CoCrFeNiMn HEA (489 nm) with a maximum elongation of 870% at 675 °C and 3 × 10−4 s−1. This superplastic property is much larger than ever reported in the CoCrFeNiMn HEA, which is even larger than that of the nano-sized CoCrFeNiMn HEA (10 nm) prepared by the high-pressure torsion. A high proportion of high angle grain boundaries and twin boundaries, a hard Cr-rich phase, and the sluggish diffusion effect of the CoCrFeNiMn HEA were primarily responsible for the exceptional superplasticity. Additionally, this study provides the first elucidation of the mechanism underlying Cr precipitation and Cr-rich phase growth, as well as the function of low-energy annealed twins during superplastic deformation. The diffusion of Cr along dislocations and grain boundaries facilitated grain boundary sliding as the predominant deformation mechanism. This study elucidates the superplastic deformation mechanism and microstructure evolution, thereby furnishing theoretical guidance for the practical implementation of superplastic forming of complex components of HEAs. Additionally, it presents an efficient method for fabricating such components.