DeepSeek-V3.2 (Thinking) vs DeepSeek-V4-Flash-0731: Specs & Benchmark Comparison
DeepSeek-V3.2 (Thinking) and DeepSeek-V4-Flash-0731 both come from DeepSeek, DeepSeek-V3.2 (Thinking) was released in November 2025, and DeepSeek-V4-Flash-0731 followed 8 months later in July 2026. DeepSeek-V3.2 (Thinking) is the larger model at roughly 685 billion parameters, against 304 billion for DeepSeek-V4-Flash-0731.
We have 14 benchmark results for DeepSeek-V3.2 (Thinking) and 9 benchmark results for DeepSeek-V4-Flash-0731, but they overlap on a single test: Toolathlon, where DeepSeek-V4-Flash-0731 scores 70.0% against 35.2%.
DeepSeek-V4-Flash-0731 is the cheaper API at $0.14 per million input tokens and $0.28 per million output tokens, roughly 2 times cheaper than DeepSeek-V3.2 (Thinking) at $0.28 and $0.42. DeepSeek-V4-Flash-0731 takes the larger context window at 1M tokens, compared with 131K for DeepSeek-V3.2 (Thinking).
| Characteristic | DeepSeek-V3.2 (Thinking) | DeepSeek-V4-Flash-0731 |
|---|---|---|
| Company | DeepSeek | DeepSeek |
| Release Date | November 30, 2025 | July 31, 2026 |
| Parameters | 685B | 304B |
| Multimodal | No | No |
| Context (input) | 131K | 1.0M |
| Context (output) | 66K | 393K |
| Input Price / 1M | $0.28 | $0.14 |
| Output Price / 1M | $0.42 | $0.28 |
| Average Score | 68.5% | 57.5% |
| Benchmarks | ||
| Toolathlon | 35.2% | 70.0% |
Visual Benchmark Comparison
Verdict
DeepSeek-V4-Flash-0731 leads in 3 out of 4 comparison categories.
Both models show comparable average scores: DeepSeek-V3.2 (Thinking) — 0.7, DeepSeek-V4-Flash-0731 — 0.6.
DeepSeek-V4-Flash-0731 is 1.7x cheaper: input $0.14/1M vs $0.28/1M tokens.
DeepSeek-V4-Flash-0731 supports a larger context: 1M vs 131K tokens.
DeepSeek-V4-Flash-0731 is newer: released 7/31/2026 vs 11/30/2025.
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Frequently Asked Questions
Which is better for coding — DeepSeek-V3.2 (Thinking) or DeepSeek-V4-Flash-0731?
Which model is cheaper — DeepSeek-V3.2 (Thinking) or DeepSeek-V4-Flash-0731?
Which has a larger context window — DeepSeek-V3.2 (Thinking) or DeepSeek-V4-Flash-0731?
The DeepSeek-V3.2 (Thinking) and DeepSeek-V4-Flash-0731 comparison is updated for 2026. Data includes benchmark results, API pricing, context window size and other specifications. For more detailed information, visit the DeepSeek-V3.2 (Thinking) or DeepSeek-V4-Flash-0731 page. See also the complete list of AI model comparisons.