Herein, high‐temperature hot compression tests are carried out to investigate the hot deformation behavior of a novel Cr–Mo–V hot work die steel. Meanwhile, a strain compensation Arrhenius constitutive equation is created, and the fitting correlation coefficient R between the experimental and predicted values is 0.98921, with a mean average absolute relative error (AARE) of 3.82%. According to the results, the hot deformation constitutive equation of the novel Cr–Mo–V steel can predict the flow stress of hot deformation with high accuracy. Furthermore, the equations for critical stress (strain), peak stress (strain), and Zener–Holomon parameters are constructed, and they demonstrate a satisfactory linear fit. Additionally, a hot processing map of the novel Cr–Mo–V steel is developed at strains of 0.4, 0.5, 0.6, and 0.7. By analyzing the hot processing map and viewing the microstructure, this study concludes that the optimal hot processing parameters of the novel Cr–Mo–V steel are 1050–1150 °C and 0.8–1 s−1 at a strain of 0.7, with a peak power dissipation efficiency of nearly 0.68.