The hot deformation behavior and microstructure evolution of GH4169 superalloy were investigated through hot compression experiments with a temperature range of 900–1100 °C and strain rates ranging from 0.01 to 5 s−1. Concurrently, the flow stress curve of the alloy was obtained and constitutive equations were established. Based on the dynamic material model, a hot working diagram was established and the hot working window was optimized. The findings demonstrate that the high-temperature softening mechanism of this alloy primarily involves dynamic recrystallization (DRX), while both discontinuous dynamic recrystallization (DDRX) and continuous dynamic recrystallization (CDRX) exist. According to the hot processing map, the process parameters corresponding to the unstable areas are low temperatures and medium-high strain rates (900–985 °C, 0.15–5 s−1), and high temperatures and high strain rates (1025–1100 °C, 2.5–5 s−1). The reason is that the appearance of deformation bands and flow localization in the microstructure. The optimal hot working parameters for GH4169 are 1000 °C/0.01 s−1 and 1050–1100 °C/0.01–0.1 s−1, where the microstructure consists of uniformly distributed DRX grains. The volume fraction of DRX in GH4169 alloy rises with higher temperatures or lower strain rates. In addition, the reduction of intergranular dislocations promotes the migration of grain boundaries from low angle grain boundaries (LAGBs) to high angle grain boundaries (HAGBs).