Isothermal compression tests were conducted to investigate the effect of hot deformation parameters on flow behavior and microstructure of Ti-6Al-4V-0.2O alloy. The experimental results show that the strain rate and height reduction have little effect on the volume fraction of primary α at a deformation temperature of 860 ̊C. At a deformation temperature of 940 ̊C, the volume fraction of primary α at a high strain rate (10s -1 ) is about 10% less than that at low strain rates (0.01s -1 ~1s -1 ). It may be one of the reasons for the significantly discontinuous yielding phenomenon. Another reason is that the dislocation density decreased suddenly due to the dynamic recovery. With the increasing strain rate and the decreasing deformation temperature, the volume fraction of irregular secondary α increases and lamellar secondary α decreases. And with height reduction increasing, the irregular secondary α increases firstly and then tends to be steady because of dynamic recovery and recrystallization.