The novel Ti-4.5Al-2.5Fe-0.15O alloy was subjected to a cold drawing process. The initial microstructure shows a fully equiaxed microstructure with the domination of α and minor intergranular β phase that could sustain a deformation up to 51% area reduction. Microstructure observation showed a deformed structure of all cold-drawn specimens by the presence of a high fraction of low-angle grain boundaries and kernel average misorientation angle. Higher dislocation density was discovered in the β phase than in the α phase, with steadily decreasing discrepancies as higher drawing reduction was applied. This study systematically observed the microstructure changes especially in the behavior of α and β phase after cold drawing, which consequently could affect the properties of Ti-4.5Al-2.5Fe-0.15O alloy.