Isothermal hot compression tests of 20Cr2Ni4A alloy steel were performed under temperatures of 973–1273 K and strain rates of 0.001–1 s−1. The behavior of the flow stress of 20Cr2Ni4A alloy steel at warm and hot temperatures is complicated because of the influence of the work hardening, the dynamic recovery, and the dynamic recrystallization. Four constitutive equations were used to predict the flow stress of 20Cr2Ni4A alloy steel, including the original strain-compensated Arrhenius-type (osA-type) equation, the new modified strain-compensated Arrhenius-type (msA-type) equation, the original Hensel–Spittel (oHS) equation and the modified Hensel–Spittel (mHS) equation. The msA-type and mHS are developed by revising the deformation temperatures, which can improve prediction accuracy. In addition, we propose a new method of solving the parameters by combining a linear search with multiple linear regression. The new solving method is used to establish the two modified constitutive equations instead of the traditional regression analysis. A comparison of the predicted values based on the four constitutive equations was performed via relative error, average absolute relative error (AARE) and the coefficient of determination (R2). These results show the msA-type and mHS equations are more accurate and efficient in terms of predicting the flow stress of the 20Cr2Ni4A steel at elevated temperature.