The effect of hot working parameters on the microstructure and texture evolution of the hot-deformed Zr-45Ti-5Al-3V alloy was studied by the electron backscatter diffraction (EBSD) technique. It was found that a high density of dislocations were generated when the alloy was deformed at 700 °C/0.001 s−1 and 800 °C/1 s−1. With the increment in hot-deformation temperature and the decrease in strain rate, the dislocation density decreased due to the increase in dynamic recrystallization (DRX) degree. The discontinuous dynamic recrystallization (DDRX) and continuous dynamic recrystallization (CDRX) mechanisms co-existed during the hot working of the Zr-45Ti-5Al-3V alloy at a true strain of 0.7. The texture evolution of the alloy during hot working was characterized and the texture component mainly consisted of {001}<100>, {011}<100>, {110}<112>, and {112}<110> textures. The volume fractions of {001}<100> and {011}<100> textures obviously rose with the reduction in strain rate, whereas those of {110}<112> and {112}<110> textures gradually decreased. At a given strain rate, an increase trend in the volume fraction of the {001}<100> texture was observed with rising hot-deformation temperature, while the volume fraction of the {011}<100> texture first increased and then decreased. An opposite trend was visible in the {112}<110> and {110}<112> texture compared with {011}<100> textures.