The hot deformation behavior of T15MN high-speed steel during thermal compression was studied by experiment and simulation. Specifically, the hot compression test was carried out on a Gleeble-1500 thermal-mechanical simulator at temperatures from 1273 to1423 K and strain rates from 0.01 to 10 s−1 with the deformation degree of 60%. It was found that all the flow stress curves were characterized by a single peak, indicating the occurrence of dynamic recrystallization (DRX), and flow stress will increase with increasing strain rate and decreasing deformation temperature. Based on the experimental data, the constitutive equations and thermal activation energy were obtained (Qact = 498,520 J/mol). Meanwhile, a cellular automaton model was established via the MATLAB platform to simulate the dynamic recrystallization phenomenon during hot deformation. The simulation results indicate that a good visualization effect of the microstructural evolution is achieved. Both increasing deformation temperature and decreasing strain rate can promote the increase in the average size and volume fraction of recrystallized grains (R-grains). Additionally, the calculated flow stress values fit in well with the experimental ones in general, which indicates that the established CA model has a certain ability to predict the deformation behavior of metal materials at elevated temperatures.