A hot compression test was conducted on a Gleeble-3500 thermo-simulation machine to study the critical conditions and kinetics of dynamic recrystallization in a high-carbon tool steel. The critical conditions for the initiation of dynamic recrystallization were determined using the working-hardening theory. The quantitative relationship between the critical characteristics of dynamic recrystallization and the hot deformation parameters were elucidated based on two different methods:the apparent method and physically based method. It was found that the two methods both have high applicability for the investigated steel, but the physically-based method needs less parameters and makes it possible to study the effect of different factors. A dynamic recrystallization kinetics model was used to calculate the recrystallization volume fraction under different conditions. The calculation results matched well with the data obtained from the flow curves.