Quasi-beta processing was considered to be a promising processing method to obtain a component with excellent mechanical properties. To achieve an optimized quasi-beta processing parameter for TC21 alloys, the hot deformation behavior in the near β phase region for the alloy with a forged structure was investigated by the thermal compression test and finite element (FEM) simulation. The obtained results indicated that the flow behavior of the samples was significantly influenced by the hot deformation parameters, and it exhibited a flow hardening behavior at the start stage of deformation. Based on the experimental data, the constitutive equation and processing maps were obtained. The optimum hot processing parameter was 986 °C/10−3 s−1. Based on the FEM simulation results, the evolution of the temperature field, strain field, and stress field in the deformed samples at different strains exhibited a similar trend in the unstable region, which was distributed symmetrically along the center line of the samples, with the center area of the samples being the highest and the center area of the section being the lowest.