This article examines the hot working characteristics of M250 grade maraging steel by performing isothermal compression tests varying the temperatures and strain rates. A processing map has been developed, indicating microstructurally “stable” and “unstable” regions during hot working. At strain rates () above 0.1 s−1 and temperatures (T) below 1,000°C, stress–strain curves show strain hardening behavior, whereas steady-state behavior is shown at strain rates below 0.01 s−1 and temperatures above 1,050°C. Above 1,150°C, flow softening is observed at 0.001 and 0.01 s−1. In the processing map, two distinct microstructurally stable domains are observed: one is at T = 1,150–1,200°C and = 0.001–0.01 s−1, and another is at T = 1,000–1,150°C and = 0.001–0.1 s−1. Based on microstructural observations, electron backscattered diffraction results, and the high efficiency of power dissipation, dynamic recrystallization is the softening mechanism. A constitutive relation useful in computer modeling is developed, using the generated flow stress data.