Nanobainitic steels exhibit an exceptional combination of high strength, good plasticity, impact toughness, and wear resistance. They are suitable for the production of large mass components through the open-die forging process. Subsequently, the forgings are air-cooled. An obstacle of this method is the extended time required for the large forgings to undergo a bainitic transformation, making the industrial implementation of this process economically unjustifiable. Nevertheless, nanobainitic steels also allow for the open-die forging of small batches of structural elements with high property requirements. A technological limitation lies in the necessity of performing a series of operations, leading to a prolonged processing time dependent on the shape of the product and the degree of deformation. Therefore, inter-operational reheating is often necessary, incurring costs and time consumption. This is particularly relevant to forgings with a mass ranging from a few to several dozen kilograms, which, due to their low thermal capacity, rapidly dissipate heat to the surroundings and tools. Designing an economical process with a limited number of reheating cycles requires advanced knowledge of material behavior under thermo-mechanical deformation parameters, including boundary conditions where a significant decrease in plasticity occurs and the risk of crack initiation. To obtain this information, a comprehensive analysis of the influence of thermo-mechanical parameters applied during the deformation of nanobainitic steel at relatively low temperatures on the flow characteristics and crack formation was conducted. To achieve this goal, the Digital Image Correlation method, the finite element method modeling considering damage criteria, and the macrostructural evaluation of deformed specimens were employed.