A metal matrix composite (MMC) consisting of AISI 304 austenitic stainless steel with up to 10 vol.‐% MgO‐PSZ was produced by a powder metallurgic process through sintering at 1300 °C and 1390 °C. The hot working of sintered samples was conducted between 900 °C and 1100 °C. The behaviour of softening kinetics was investigated using flow curve recording methods (dynamic softening) and the double‐hit method (static softening). The influence of the deformation parameters such as temperature, strain rate, inter‐pass time and relative density of the samples was determined. The microstructure development of the sintered composite after hot forming was determined by optical microscopy and SEM and was interpreted with the help of qualitative microstructure analysis. The results show a general acceleration of softening processes with increasing temperature and strain rate, with the addition of ZrO2 particles and a decrease in the density of composite materials. A mathematical‐physical model was developed to predict the softening behaviour and optimize the forming processes of the composite in the light of these results.