The Gleeble-3800 thermal simulator was used to perform hot compression experiments on Q345 steel at a temperature of 1123~1373 K, a strain rate of 0.01~10 s−1, and 60% deformation. Analysis of the flow curves of Q345 steel revealed that flow stress decreases with the increase of deformation temperature and decrease of strain rate. According to the stress–strain curve of Q345 steel, three constitutive models of Johnson–Cook, Modified Johnson–Cook and strain-compensated Arrhenius were established. By comparison, it was found that the strain-compensated Arrhenius model has higher accuracy, and its correlation coefficient and average relative error are 0.995 and 4.93%, respectively. In addition, the thermal processing map of Q345 steel was established, and the optimal processing range was temperature 1253–1373 K, strain rate 0.5–10 s−1.