Hot compression tests were performed on commercial CuZn39Pb3 alloy deformed at strain rate of 0.0007 s(-1) and 0.02 s(-1) within temperature range of 923 K-1023 K. Flow stress vs. deformation temperature and strain rate dependence was found to follow the relation: (epsilon) over dot = 1.23 . sigma (3.79) exp(-212/RT). Both dynamic recovery and dynamic recrystallization have operated in the presence of fine lead particles being responsible for effective flow stress reduction with increasing deformation temperature. Transformation of alpha- to beta phase above the temperature approx. 1000 K and the following fast cooling of hot deformed samples produced fine, plate-like structure of alpha -grains, within retained beta -matrix. Moreover, coherent fine Fe-particles were observed within alpha -grains being not detected at any area of beta -matrix. The last effect was supposed to result from lower solubility of iron in alpha -phase than that for beta -phase.