To solve the problem of poor uniformity of microstructure of high alloy bearing steel G13Cr4Mo4Ni4V after rolling, the deformation behavior of the steel and its effect on the microstructure evolution was studied systematically. Gleeble-3800 thermo-mechanical simulator was used for precise control of deformation temperature ranging from 1000 to 1200 °C and deformation rate 0.01–10 s−1. Based on modified stress and strain curves by temperature and friction, the processing map of tested steel was drawn. Electron backscatter diffraction (EBSD) and transmission electron microscope (TEM) were used to analyze the typical microstructure and carbide properties of different hot working domains respectively. The results showed the processing map could be divided into four regions: domain A 1000–1150 °C, 0.1–10 s−1; B 1000–1100 °C, 0.01–0.1 s−1; C 1100–1150 °C, 0.01–0.1 s−1 and D 1150–1200 °C, 1–10 s−1. Domain A was characterized by incomplete dynamic recrystallization (DRX) which included fine recrystallized grains and elongated deformed grains, whose softening mechanism was mainly discontinuous DRX (dDRX) and limited DRV and continuous DRX (cDRV) related to the ferrites and carbides. For domain B, the deformed grains gradually disappear with temperature rising, instead serrated grains appear with dDRX as dominating softening mechanism. A large number of carbides hinder DRX at 1000 °C with low temperature. With the increase of temperature, carbides dissolve and DRX degree increases. Grain coarsening is obvious because of high deformation temperature and low strain rate in domain C, although the nanoscale MC type carbides prevent recrystallization grain coarsening to some extent. Completely DRX resulted in uniform and fine with defect-free deformation microstructure in domain D, whose volume fraction of recrystallization reached up to 0.96 according to EBSD results. By considering the uniformity of microstructure and the distribution of carbide comprehensively, domain D is an ideal region for hot working.