A novel integrated constitutive equation of the flow curve for Ti-6Al-4V alloys is proposed by incorporating the effects of phase fraction in the hot-forging temperature range. The flow curve was obtained using hot-compression tests in the temperature range of 750-1050 °C and strain rate range of 1-25 s −1 . The effects of friction and deformation heat generated during compression were corrected using the inverse analysis method to identify the ideal uniaxial flow curve. The obtained stress parameters were satisfactorily regressed using the rule of mixtures on the α and β phases considering changes in the phase fraction. The integrated flow curve equation incorporating the rule of mixtures of the two phases effectively expressed the flow curve throughout the investigated temperature range. The internal microstructural observation showed that the continuous dynamic recrystallization of the α phase is dominant in the α+β two-phase region, while the deformation of the β phase becomes dominant just below the β transus. The constitutive equation presented here is in good agreement with the temperature dependence of the microstructure.