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The isothermal hot compression behavior of new Ti–Fe–B (named as TF400) alloy was investigated in the temperature range of 750–950 °C and strain rate range from 0.01 to 10 s−1 with the maximum height reduction of 60% by using a Gleeble 3800 thermal simulator. By considering the effect of strain via variable material parameters, a modified constitutive model was proposed to accurately predict the flow stress. The predicted results demonstrate that the flow stress decreases with the increase of temperature while it increases as the strain rate increases, in good agreement with the present experimental results. A mechanistic understanding of plastic deformation behavior in the TF400 alloys was developed by inspecting the microstructural characteristics prior to and after deformations. Dynamic recrystallization and dynamic transformation were found to be the dominant restoration mechanism during the hot deformation process.