The high-temperature deformation behaviors of Ti–5Al–5Mo–5V–1Cr–1Fe alloy were investigated through the isothermal compression experiment. The dislocation evolution in the working-hardening stage has been analyzed and the corresponding constitutive model has been constructed. The dynamic softening mechanism has been identified with the relationship between the saturated dislocation density and dynamic recrystallization (DRX) critical density. The dependence on deformation parameters has been discussed and a concept of critical strain rate ε̇C has been proposed. A dynamic softening map has been designed to predict the corresponding softening behaviors under certain deformation conditions. The constitutive model based on dislocation evolution has been extended to overall deformation incorporating dynamic softening behaviors and their deviations have been explained by introducing the processing map.