This article investigated the mechanical behavior of Ti-6Al-4V alloy (VT6, an analog to Ti Grade 5) in the range of strain rates from 0.1 to 103 s−1. Tensile tests with various notch geometries were performed using the Instron VHS 40/50-20 servo hydraulic testing machine. The Digital Image Correlation (DIC) analysis was employed to investigate the local strain fields in the gauge section of the specimen. The Keyence VHX-600D digital microscope was used to characterize full-scale fracture surfaces in terms of fractal dimension. At high strain rates, the analysis of the local strain fields revealed the presence of stationary localized shear bands at the initial stages of strain hardening. The magnitude of plastic strain within the localization bands was significantly higher than those averaged over the gauge section. It was found that the ultimate strain to fracture in the zone of strain localization tended to increase with the strain rate. At the same time, the Ti-6Al-4V alloy demonstrated a tendency to embrittlement at high stress triaxialities.