High-speed milling (HSM) of Ti-6Al-4V is subjected to complex thermo-mechanical loads, leading to alteration in metallurgical conditions within the cutting deformation zones, adversely impacting the mechanical performances of manufactured products. Hence, inclusive insight into microstructural alterations within the Adiabatic Shear Band (ASB) and the milled surface becomes essential for better service performance. This study first developed a Finite Element (FE) milling model to simulate the machining process of Ti-6Al-4V. The proposed FE model is validated through experimental results regarding cutting forces (CFs), cutting temperature (CT), and chip geometry, where the absolute relative error between simulations and experiments was less than 15 %. Secondly, Zenner-Holloman (Z-H) and Hall-Petch (H-P) equations were incorporated into a user-defined subroutine to simulate dynamic recrystallization (DRX) for grain size and microhardness prediction. Simulation results revealed that the grains became finer in the ASB than on the milled surface. In particular, when the cutting speed and feed rate were increased to 350 m/min and 0.30 mm/tooth, the grain size in the ASB decreased from 14 to 0.68 and 0.44 µm, while in the topmost milled surface, it reduced to 7.06 and 6.75 µm, respectively. Conversely, microhardness exhibited an inverse correlation with grain size and increased with cutting speed and feed rate. Furthermore, the impact of increased plastic strain and temperature on the grains during chip segmentation was also examined. Finally, the proposed FE model validity was established by comparing simulated results with experimental data using advanced characterization techniques. This research significantly contributes to a comprehensive understanding of microstructural evolution and its implications for the mechanical performance of machined titanium components.