Hot deformation behavior and microstructure evolution of hot isostatically pressed FGH96 P/M superalloy were studied using isothermal compression tests. The tests were performed on a Gleeble-1500 simulator in a temperature range of 1000—1150°C and strain rate of 0.001–1.0 s−1, respectively. By regression analysis of the stress-strain data, the constitutive equation for FGH96 superalloy was developed in the form of hyperbolic sine function with hot activation energy of 693.21 kJ/mol. By investigating the deformation microstructure, it is found that partial and full dynamical recrystallization occurs in specimens deformed below and above 1100°C, respectively, and dynamical recrystallization (DRX) happens more readily with decreasing strain rate and increasing deformation temperature. Finally, equations representing the kinetics of DRX and grain size evolution were established.