The microstructures of two high-nickel martensite steels with different carbon contents before and after warm compression were comparably investigated by using a field-emission scanning electron microscope attached with an electron backscattering diffraction equipment (FE-SEM/EBSD) and a transmission electron microscope attached with an energy dispersive X-ray spectroscope (TEM/EDX). The microstructure observations suggest that the carbon addition is beneficial to reduce the critical strain for full recrystallization during warm compression and the increment of carbon-enriched austenite amount accelerates the dynamic recrystallization of ferrite through plastic deformation partitioning in the 17Ni–0.2C martensite steel. Proper pre-tempering promotes the precipitation of the carbon- and nickel-enriched austenite, and then promotes the dynamic recrystallization. On the other hand, long-time tempering leads to the carbon depletion in austenite so as to delay the dynamic recrystallization. The full recrystallization of the 18Ni martensite steel takes place at a higher strain during warm compression, mainly because of no carbon-enriched austenite.