In this study, the deformation behavior of a Ti-40Al-10V (at.%) alloy within β single phase field was examined by means of isothermal compression at 1300 °C under strain rates of 2 s−1, 0.2 s−1, and 0.02 s−1, as well as its effect on the subsequent β→α transformation. The results showed that the alloy behaved steady-state flow with dislocation creep as the predominant rate-controlling process. Dynamic recrystallization (DRX) evidently occurred during deformation, and its volume fraction was dramatically increased so that at the lowest strain rate (0.02 s−1), a full-DRX β structure was obtained. The preferentially dynamic migration of grain boundaries with <100> orientation was demonstrated to be the major DRX mechanism. The texture was characterized by a <100> + <111> double-fiber at 2 s−1, but gradually transformed into a simple rotated cube orientationunder 0.02 s−1, accompanied by a decreasing texture intensity. During the subsequent β→α transformation, two types of α morphology wereproduced with evident variant selection, namely, the Widmannstatten colony and martensitic laths. Texture simulation revealed that the α texture was solely determined by parent β texture, despite of the variant selections.