High-temperature compression tests on Mg-11.5Li-2.5Zn-0.35Al-0.3Y (in wt.%) were carried out on a Gleeble-3500 thermal simulator. Flow stress and microstructural evolution were analyzed at different temperatures (T = 473 K, 523 K, 573 K, and 623 K) and strain rates (ε = 1 s−1, 0.1 s−1, 0.01 s−1, and 0.001 s−1). On this basis, the constitutive model of the alloy was established using the Arrhenius-type constitutive model, and the thermal processing map of the alloy was drawn based on the DMM (dynamic material modeling) theory. The experimental results show that the flow stress of the Mg-11.5Li-2.5Zn-0.35Al-0.3Y alloy decreases with an increase in temperature and a decrease in strain rate. The grain size increases uniformly with the increase in temperature, while a sudden increase occurs with the decrease in strain rate. The predicted value of the model is compared with the experimental value to verify the correctness of the model, and the correlation coefficient, R = 0.9690, was calculated, which further proves the applicability of the model to the Mg-11.5Li-2.5Zn-0.35Al-0.3Y alloy. This alloy can be safely plastic-deformed 473 K~623 K and 0.001 s−1~1 s−1.