Isothermal compression tests of as-forged 30Si2MnCrMoVE low-alloying ultra-high-strength steel were carried out on a Gleeble 3500 thermal simulator at the deformation temperatures of 950–1150 °C and strain rates of 0.01–10 s?1. Based on the classical stress–dislocation density relationship and the kinematics of the dynamic recrystallization, the constitutive equations of the work hardening dynamical recovery period and dynamical recrystallization period were developed by using the work hardening curve and Avrami equation, which shows good agreement with the experimental value. Processing maps at the strain of 0.90 were constructed based on dynamic material model and were analyzed combined with microstructure observation under different conditions. The optimum parameter based on the processing maps was obtained and verified by a supplementary experiment. The power dissipation maps and instability maps at strains of 0.05–0.90 were also constructed, and the evolution law was analyzed in detail. The established constitutive equation and hot processing maps can provide some guidance for hot working process.