Compression tests were carried out on Alloy 718 to investigate the microstructure development following dynamic recrystallization, meta-dynamic recrystallization and grain growth. Tests were performed in the temperature range of 927∼1066℃ and strain rate range of 5∼5×10^(-4)s^_(-1), with true strains up to 0.8. Dynamically recrystallized grain size decreases consistently with increasing Zener-Hollomon parameter (Z=ε exp(Q/RT)) which is function of strain rate and temperature. The extent of recrystallization increases with a decrease in Zener-Hollomon parameter due to an increase in the critical strain (ε_c) corresponding to the initiation of dynamic recrystallization. The fraction of meta-dynamically recrystallized grain, however, increases with increasing the strain rate from 0.01s^(-1) to 1s^(-1). This paper outlines the microstructural evolution of Alloy 718 during the high temperature deformation.