A precise constitutive model is the foundation and key to finite element simulation in material volume forming and the optimization of the hot working process. Hence, to build a precise constitutive model, a method based on a genetic algorithm (GA) for the inverse optimization identification of parameters is presented in this paper. The idea of this method is to continuously adjust the model parameters through GA until the objective function reaches the minimum value. In this study, hot compression experiments were performed on the Gleeble-1500D thermal simulator at temperatures ranging from 800 °C to 1000 °C and strain rates of 0.01 s−1to 1 s−1. The Arrhenius-type (A-T) model considering strain compensation and the Johnson–Cook (JC) model considering the coupling effects of strain, temperature and strain rate were constructed, respectively, by using the regression method and the parameter inverse optimization identification method. For the purposes of comparing and verifying the reliability of the predictions of the two established constitutive models, the correlation coefficient (R), average absolute relative error (AARE), and relative error (RE) were adopted. The results show that both the optimized A-T model and the optimized JC model have high prediction accuracy. Compared to the optimized JC model, the optimized A-T model demonstrated a higher correlation coefficient, by 0.003, and a lower average absolute relative error, by 1.43%. Furthermore, the relative error distribution of the optimized A-T model was found to be more concentrated than that of the optimized JC model. These results suggest that the A-T model is more appropriate than the JC model for characterizing the high-temperature deformation behavior of Ti6Al4V alloy.