Dynamic recrystallization process was considered as an important method to fabricate titanium workpieces with desired properties. The objective of this study was to investigate dynamic recrystallization behavior of Ti–5Al–5Mo–5V–1Cr–1Fe alloy through isothermal compression experiments. The volume fraction of dynamic recrystallization was quantified with the net softening effect by dynamic recrystallization (DRX). The saturated stress during hot deformation process was analyzed based on dislocation evolution influenced by working-hardening and dynamic recovery. The linear relationship between the saturated stress and peak stress has been obtained. The dependence of DRX process on deformation parameters has been discussed in detail and a model based on Avrami kinetics has been proposed to track DRX process with strain. A constitutive model incorporating DRX process has been proposed to describe the flow curves at large strains.