Hot deformation behavior of 4130 steel and optimization of its processing parameters are presented in this paper. Compression tests were performed at temperatures ranging from 800 to 1200 °C and at the strain rates in the range from 0.01 to 100 s−1. A comprehensive analysis of the material behavior at different temperature and strain-rate ranges was performed taking into account various criteria of stability and instability of the material flow under various thermomechanical conditions. The flow–stress curves obtained during compression tests, as well as the processing maps elaborated on the basis of various flow–stability criteria, are discussed. Processing parameters developed according to the Prasad’s and Murty’s criteria are recommended for designing the technology of forging of the investigated steel. Such parameters ensure the homogeneity and stability of the material flow in a forged part, what was confirmed by successful forging of 4130 steel in industrial conditions. The processing map developed according to Gegel’s approach, as compared to the processing maps obtained in accordance with the Prasad’s and Murty’s criteria, should be treated as general support for determining the thermomechanical processing parameters.