As a novel kind of cold roller steel, Cr8 alloy steel has the characteristics of high hardness, high wear resistance and good toughness, which can effectively prolong the service life of the roller that is an important part of the steel rolling mill. How to accurately define the constitutive model parameters of metal materials is the major problem, because it seriously affects the accuracy of numerical simulation results of the roller hot forming process. In the study of Cr8 alloy steel’s thermal deformation behavior of the present paper, the high temperature compression test was done on a Gleebel-1500D thermal/force simulation testing machine. A novel method of parameter identification was proposed based on inverse optimization. The Hansel–Spittel constitutive model was established by using the inverse optimization method. To carry out the verification on the accuracy of the established constitutive model, the predicted flow-stress of constitutive model was made a contrast to the experimental flow-stress, and the standard statistical parameters were also applied to further evaluation. The results showed a relatively high prediction accuracy of the Hansel–Spittel constitutive model based on the inverse optimization algorithm. Meanwhile, to obtain optimal parameters of Cr8 alloy steel in the thermal processing, 3D thermal processing maps concerning strain-rate, strain and temperature were built based on the dynamic material model. According to the 3D processing map, the most adequate thermal processing parameters of Cr8 alloy steel were obtianed as follows: strain 0.2–0.4, strain-rate 0.05–0.005 s−1, temperature 1100–1150 °C.