In the present work, the deformation behavior and processing maps of a low-carbon Fe-2 wt% Nb steel were studied by means of hot-compression tests at temperatures of 800–1150 °C and strain rates of 0.01–10 s−1. The hot-processing maps at different strains and corresponding microstructural evolution were constructed and discussed. The hot-deformation behaviors of two different phase regions, i.e., austenite + NbC dual-phase and ferrite + NbC dual-phase, were predicted by determining the constitutive equations using Arrhenius-type and Zener–Hollomon models. The results suggest that the hot-deformed microstructures of the material present a strong correlation with the processing parameters in the hot-processing maps. In addition, the optimum parameters based on the processing maps were obtained, and the instable and the safe domains during the hot deformation in the hot-processing maps provide solid theoretical guidance for industrial production.