The flow stress curves of Fe‐31.7Mn‐11.5Al‐0.9C low‐density steel are obtained by a hot‐compression test with a Gleeble‐3500 thermomechanical simulator. It is shown in the results that the dynamic recovery and dynamic recrystallization (DRX) of δ‐ferrite occur preferentially under the same deformation condition, inducing a “yield point‐like” phenomenon in the true stress–strain curves. The Zener–Hollomon parameter is introduced to fit the characteristic parameters used to establish the flow stress model according to Arrhenius hyperbolic sine relationship and Avrami equation, and the DRX activation energy of austenite is 414.12 KJ mol−1. The hot‐processing maps at different true strains are simulated based on the dynamic material model to determine the suitable hot‐rolling process and the optimal hot‐working process selection of high strain rate and high deformation temperature combination, 1100–950 °C/1–0.2 s−1, is recommended.