A compressive split-Hopkinson pressure bar apparatus and transmission electron microscopy (TEM) are used to investigate the deformation behaviour and microstructural evolution of Ti–15Mo–5Zr–3Al alloy deformed at strain rates ranging from 8 × 102 s−1 to 8 × 103 s−1 and temperatures between 25 °C and 900 °C. In general, it is observed that the flow stress increases with increasing strain rate, but decreases with increasing temperature. The microstructural observations reveal that the strengthening effect evident in the deformed alloy is a result, primarily, of dislocations and the formation of α phase. The dislocation density increases with increasing strain rate, but decreases with increasing temperature. Additionally, the square root of the dislocation density varies linearly with the flow stress. The amount of α phase increases with increasing temperature below the β transus temperature. The maximum amount of α phase is formed at a temperature of 700 °C and results in the minimum fracture strain under the current loading conditions.