X12 (X12CrMoWVNbN10-1-1) ferritic heat resistant steel is an important material for the production of new-generation ultra-supercritical generator rotors. Hot compression tests of X12 ferritic heat-resistant steel were performed via a Gleeble-1500D testing machine under temperatures of 1050–1250 °C and strain rates of 0.05–5 s−1. In order to provide material model data for finite element simulations and accurately predict the hot deformation behavior, a reverse optimization method was proposed to construct elevated temperature constitutive models of X12 ferritic heat-resistant steel in this paper, according to the Hansel–Spittel constitutive model. To verify the accuracy of the model, the predicted and experimental values of the constitutive model were compared. The results indicated that the model had a high prediction accuracy. Meanwhile, the correlation coefficient between the experimental value and the predicted value of constitutive model was 0.97833. For further verification of the accuracy of the model, it was implemented in finite element FORGE@ software to simulate the compression tests of different samples under different conditions. Comparing actual displacement–load curves with displacement–load curves acquired through finite element simulations, the results indicated that displacement–load curves predicted by the model were very consistent with actual displacement–load curves, which verified the accuracy of the model. Moreover, to research the optimal processing parameters of the material, hot processing maps were drawn according to the dynamic material model. In terms of microstructure evolution, a characteristic area distribution map of the hot processing map was established. Therefore, the optimal hot forming parameters regions were in the range of 1150–1200 °C/0.05–0.62 s−1 for X12 ferritic heat-resistant steel.