Since flow stress is an important parameter in the processing and application of metallic materials, it is necessary to trace the flow stress during austenite deformation. Thermal compression deformation of austenite in a high-strength bainitic steel was conducted using a Gleeble-3500 thermo-mechanical simulator, within the deformation temperature range of 400 °C~900 °C. By analyzing the stress–strain curves and strain-hardening exponent, the effects of strain hardening and dynamic recovery on the dislocation density of the material during the thermal processing were considered in the present work. Based on the general form of the Kocks–Mecking–Estrin (KME) model, the effects of deformation temperature and strain on the key parameters of the model were clarified. Differing from other work which commonly terms m (strain rate sensitivity exponent) and k2 (dimensionless parameters for dynamic recovery) as constants, the current models consider the quantitative relationship between key parameters and deformation temperature and strain. The results show that m is an exponential function related to temperature and strain, which decreases with the increase in strain. Meanwhile, k2 is a temperature-dependent polynomial function that increases as the deformation temperature increases. Finally, a modified constitutive KME model was proposed to predict the austenitic plastic stress with strain. Using established m-ε and k2-T models, the predicted curves are in good agreement with the experimental measurements.