The flow behavior and associated structural changes of an AZ61 Mg alloy were analyzed by using hot compression tests in the temperature and strain rate ranges of 250–400 °C and 0.001 to 1 s–1, respectively. The stress–strain curves exhibited the trend typical of materials in which deformation is recovery-controlled in the high Z regime (Z is the Zener–Hollomon parameter), while at low strain rates and high T, the flow curves exhibited a softening typical of recrystallization phenomena. Microstructure analysis has been performed to correlate the microstructure changes to the flow behaviors.