In this paper, the microstructure, deformability, tensile properties, and phase hardness of the Ti–43Al–2Cr–0.7Mo–0.1Y alloy with a high β phase content were investigated. Microstructural analysis showed that the β phase precipitated not only at the colony boundaries but also inside the lamellae due to its high content. A high-quality forging stock was prepared through one-step noncanned forging. The total deformation reached above 80%, suggesting that the alloy has good hot deformability compared to other TiAl alloys. The deformed microstructure was composed of fine and equiaxed grains due to dynamic recrystallization. The high β phase content was shown to contribute to the decomposition of the initial coarse lamellae. Tensile testing showed that the alloy has good room-temperature ductility, even if the β phase content reaches above 20%. This is inconsistent with a previous study that showed that a large amount of the hard β phase is detrimental to the room-temperature ductility of TiAl alloys. Nanoindentation testing showed that the hardness of the β phase in the current alloy is about 6.3 GPa, which is much lower than that in the Nb-containing TiAl alloys. Low hardness benefits the compatible deformation among various phases, which could be the main reason for the alloy’s good room-temperature ductility. Additionally, the influence of various β stabilizers on the hardness of the β phase was also studied. The β phase containing Nb had the highest hardness, whereas the β phase containing Cr had the lowest hardness.