IN706 superalloy is particularly sensitive to the parameters of hot working process. The flow stress of the IN706 superalloy was investigated during reduction deformation of 30%, 45%, and 60% under the isothermal compression conditions of temperature at 1143–1393 K and strain rate at 0.01, 0.1, 0.5, and 1 s^-1. The exponent-type Zener-Hollomon equation was used to describe the impact of strain and temperature on the thermal deformation. Meanwhile, the strain effect of various material constants, such as α, n, Q, and lnA, was considered in the constitutive equation considering the strain compensation, and the correlation coefficient R and the average absolute relative error were verified. On the basis of constitutive equation construction, the hot processing map of IN706 superalloy was drawn, and the instability region was obtained based on the Murty criterion. Results show that the reasonable thermal working process parameter window is strain rate of 0.1 s^-1 and temperature of 1313–1353 K.