The deformation behaviors (flow behavior, power dissipation, dynamic recrystallization, and microstructure evolution) of a typical powder metallurgy nickel-based superalloy were investigated in compression tests at temperatures range of 1020–1140 °C and strain rates range of 0.001–1.0 s−1 with the true strains of 0.3, 0.5, and 0.7, respectively. The efficiency of power dissipation can be shown by the power dissipation maps at different true strains. The results showed that true strain had a great effect on the power dissipation. Besides, the deformed microstructures were investigated. The processes of microstructure evolution at different deformation temperatures and strain rates are different. The continuous dynamic recrystallization takes place at the deformation condition of 1080 °C/0.1 s−1. The fine and uniform dynamic recrystallized grains gradually replace the pre-existing grains with the increase of true strain. The discontinuous dynamic recrystallization takes place at the deformation condition of 1110 °C/0.001 s−1. The fine dynamic recrystallized grains grow up and a part of new fine grains appear in the dynamic recrystallized grains because of the periodic dynamic recrystallization.