The microstructural variation and high-temperature flow features of a Ti-55511 alloy in the β region are studied by utilizing double-stage compression with a stepped strain rate. The results demonstrate that the stresses in the latter stage of hot compression markedly reduce as the strain at the previous stage or the strain rate at the previous/latter stage drops. Moreover, the annihilation/interaction of substructures is promoted, and the distinct refinement of the dynamic recrystallization (DRX) in the β grain can be found. However, the coarsening of the β grain and the consumption of dislocation substructures are accelerated at high temperatures. Furthermore, the principal DRX nucleation mechanism of the Ti-55511 alloy during double-stage compression with a stepped strain rate in the β region is discontinuous DRX. Additionally, by using the microstructural variation characteristics related to the forming parameters, a physical mechanism equation is modeled to forecast the forming features, the DRX fraction, and the size of the β grain in the investigated alloy. The forecasted results are in accordance with the tested results, indicating that the established model can accurately forecast the microstructure variation and flow features of the studied alloy.