Hot-compression and hot-tension experiments were conducted on a Gleeble-1500D thermal-mechanical simulator. The constitutive equation was presented by calculating the stress exponent, activation energy and Zemer-Hollomon parameter during the hot compression. Based on dynamic material model theories and Prasad instability criterion, the hot processing map was developed and the representative microstructure was observed. The total elongation and reduction in area were calculated by the hot tension. These results have shown that P92 steel should be manufactured at higher processing temperature and larger strain rate in practice.