By performing tensile tests in the temperature range of 800°C to 1200°C, the thermoplastic behavior of microalloyed and unmicroalloyed new martensitic low-density steels were investigated, and the mechanism of the effect of Nb and V microalloying on the thermoplasticity was revealed. The results showed that both microalloyed and unmicroalloyed steels have good thermoplasticity and the plasticity increased with increasing deformation temperature. The microalloyed steels above 1000°C could have their high-temperature plasticity significantly enhanced by Nb, V microalloying, while the microalloyed steels at or below 1000°C could have their plasticity reduced. When the deformation temperature exceeds 1000°C, complete recrystallization occurs in both microalloyed and unmicroalloyed steels. The Nb, V microalloys were able to refine the recrystallized grains, which could obtain a stronger resistance to crack expansion and give the microalloyed steels better high-temperature plasticity. When the deformation temperature at or below 1000°C, the unmicroalloyed steel exhibited significant recrystallization. The presence of numerous small-sized NbC precipitation phases, abundant in the microalloyed steel, hindered the recrystallization. This made dynamic recrystallization of microalloyed steels almost non-existent when deformation occurred at lower temperatures, which lead to lower plasticity compared to the unmicroalloyed steel.