The Johnson–Cook (J–C) constitutive model is not suitable for Ti-6Al-4V alloy in the high-speed cutting finite element simulation, as it has no response dynamic recrystallization softening effect under heavy impact and high temperature. In this paper, an improved constitutive model considering the recrystallization effect was established, and the parameters were fitted with the data of flow stress–strain of the Split Hopkinson Pressure Bar (SHPB) test. The relevant theories of cutting finite element simulation were studied, such as nonlinear constitutive elastic–plastic deformation, strain state, and material yield. A subroutine that included the Recht shear failure instability criterion and the improved model was coded in Fortran and embedded in the finite element simulation software AdvantEdge FEM, along with the return mapping stress integration algorithm. The simulated stress of the improved model dropped dramatically from 460 MPa to 220 MPa when the temperature rises from 950 °C to 1000 °C, and its decline reached 46.7%, while the J–C model only decreased by 10%. Comparative studies indicate that the stress change of the improved constitutive simulation is closer to the SHPB test results than the J–C constitutive, and the new one is more suitable when it expresses the high temperature and heavy impact in the high-speed milling.