In this paper, the hot workability of Mg-1Li-1Al (LA11) alloy is assessed through a uniaxial compression test in a temperature range from 200 to 400 °C and a strain rate, έ, of 1–0.01 s−1. The present study reveals that flow stress increases when the strain rate increases and deformation temperature decreases. Based on the hyperbolic sine equation, the flow stress constitutive equation of this alloy under high-temperature deformation is established. The average activation energy was 116.5 kJ/mol. Avrami equation was employed to investigate the dynamic recrystallization (DRX). The DRX mechanism affected by the deformation conditions and Zener–Hollomon parameters is revealed. Finally, the relationship between DRX volume fraction and deformation parameter is verified based on microstructure evolution, which is consistent with the theoretical prediction.