In this study, a Ti-32.9Nb-4.2Zr-7.5Ta (wt%) titanium alloy was produced by melting in a cold crucible induction in a levitation furnace, and then deforming by cold rolling, with progressive deformation degrees (thickness reduction), from 15% to 60%, in 15% increments. The microstructural characteristics of the specimens in as-received and cold-rolled conditions were determined by XRD and SEM microscopy, while the mechanical characteristics were obtained by tensile and microhardness testing. It was concluded that, in all cases, the Ti-32.9Nb-4.2Zr-7.5Ta (wt%) showed a bimodal microstructure consisting of Ti-β and Ti-α″ phases. Cold deformation induced significant changes in the microstructural and the mechanical properties, leading to grain-refinement, crystalline cell distortions and variations in the weight-fraction ratio of both Ti-β and Ti-α″ phases, as the applied degree of deformation increased from 15% to 60%. Changes in the mechanical properties were also observed: the strength properties (ultimate tensile strength, yield strength and microhardness) increased, while the ductility properties (fracture strain and elastic modulus) decreased, as a result of variations in the weight-fraction ratio, the crystallite size and the strain hardening induced by the progressive cold deformation in the Ti-β and Ti-α″ phases.