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Valve microstructure is important during hot forging. Austenitic 21-4N steel is often used in exhaust valves. In this study, the microstructure evolution of the forging valve process was predicted using the internal state variables (i.e., average grain size, recrystallized fraction, and dislocation density) modus for 21-4N. First, 21-4N was subjected to hot compression tests on a Gleeble-1500D and static grain growth tests in a heating furnace. A set of uniform viscoplastic constitutive equations was established based on experimental data. Next, the determined unified constitutive equations were conducted in DEFORM-3D, and the microstructure evolution of 21-4N during forging was calculated. Finally, the simulation results of grain size evolution were validated via experiments. Results showed good consistency between the simulations and experiments. Thus, the models adequately predicted the microstructure evolution.