GH4720Li was Ni-Cr-Co base precipitation strengthened superalloy and widely used for high performance applications such as disks and blades of either aircraft engines or land-based gas turbines attributing to its excellent properties including resistance to creep and fatigue, together with corrosion, fracture and microstructural stability for the intended applications. Compared with the double-melting process (vacuum induction melting (VIM)+electroslag remelting (ESR) or VIM+vacuum arc remelting (VAR), a triple-melting process (VIM+ESR+VAR) can eliminate the segregation coefficient of the alloying elements and reduce the content of impurity elements, while the ingot fabricated by the triple-melting process also exhibited lots of shortcomings, such as the coarse grains, dendritic structure, microstructure defects and high forging temperature. The as-cast fine grain ingot prepared by grain refining casting process can eliminate the microscopic shrinkage, reduce the differences among three crystalline regions and improve the hot workability as a result. However, it was hardly to avoid the microstructure defects by simply improving the casting process attributing to its large number of alloying elements. Therefore, the homogenization treatment was always performed on the superalloy ingot. In this work, the optimized homogenization parameter was identified according to the investigation on the microstructure evolution under various homogenization treatment conditions and hot workability of as-cast fine grain ingot after homogenization treatment. The relationships of one-stage as well as two-stage homogenization treatment parameters and segregation coefficient as well as volume fraction of eutectic phase were investigated indepth. The hot workability of the homogenized samples under various conditions was also analyzed with the help of hot compression tests. Experimental results revealed that the increased homogenization treatment temperature and extended holding time were able to decrease the volume fraction of eutectic phase and segregation coefficient of the alloying element significantly. Hot compression tests by the Gleeble 3800 dynamic thermal-mechanical testing machine indicated that the samples suffered two-stage homogenization treatment followed by the slowly cooling rate (1140 ℃, 12 h+1170 ℃, 10 h, 0.2 ℃/min furnace cooling to 1010 ℃, and then air cooling) exhibited better hot workability (the maximum reduction rate of 50% deformed at 1120 ℃, 1 s^-1). Discontinuous dynamic recrystallization was identified as the mainly nucleation mechanism of the alloy, and the recrystallized grains preferred to nucleate at the boundaries of the original grains according to the microstructure observation of hot compressed samples. In additions, the M(C, N) type precipitates were able to promote the occurrence of dynamic recrystallization behavior. Homogenization treatment experiments and microstructure observation suggested that the optimized treatment parameters of the as-cast fine grain ingot was 1140 ℃, 12 h+1170 ℃, 10 h, 0.2 ℃/min furnace cooling to 1010 ℃, and then by air cooling.