Hot compression deformation of Ag-Pd-Cu-X alloy is performed on Gleeble-1500 thermal simulator with strain rates of 0.001~0.1 s -1 and temperature at 650~950 ℃. Variations of flow stress and microstructure are investigated. The flow stress constitutive equation of Ag-Pd-Cu-X alloy is established. The results indicate that the dominant softening mechanism shift from dynamic recovery to the dynamic recrystallization with the compression temperature increases from 650 ℃ to 750 ℃，the flow stress exhibits a gradual downward trend. While the alloy deforms at 750~ 950 ℃，and the activation energy is 210.369 kJ/mol. The stress values predicted by the constitutive equation demonstrate well agreement with the experimental results.