NiAl-based alloy is a promising material applied in the fields of aeronautic and astronautic instruments. In the paper the compression deformation behavior and microstructure evolution of NiAl-Cr(Mo)-Hf alloy at elevated temperature were studied. The results demonstrate that the alloy behaves good formability in the temperature ranging from 1320°C to 1360°C, in which the maximum initial strain rate is about 8.3×10-4s-1 and the maximum deformation resistance is lower than 40MPa. During compression at temperature between 1250°C and 1300°C the flow stress increased sharply with the increasing of the deformation degree. When compression deformation at 1320°C~1360°C, the flow stress decreased obviously and the flow stress decreased slightly after reached the maximum value. By analyzing the microstructure evolution during compression it can be concluded that as-casting microstructure was improved in deformation. The grains were refined and the brittle phases of lamellar Cr(Mo) existing at NiAl matrix were broken. The porosities in as-casting material were eliminated during compression and the density of the material increased. The fracture toughness of the alloy increased from 6.4MPa·m1/2 to 9.8MPa·m1/2 after compression.