Hot isostatic pressing (HIP) shows distinct advantages in the manufacture of difficult-to-process materials into components with geometric complexity and high mechanical performance. In this work, a near-α titanium alloy Ti–6Al–2Zr–1Mo–1V (TA15) designed for service temperatures of ~500 °C in the aerospace industry was processed by HIP at three representative temperatures. A systematic study on the phase constitutions, microstructural evolution, and tensile properties measured at 20, 500, 600, and 700 °C was carried out for the assessment of HIP TA15 specimens. The relationships among HIP temperature, crystallographic characteristic, and mechanical performance of HIP TA15 were elucidated in detail. Spark plasma sintering (SPS) was selected to compare with the HIP technique regarding the fabrication of TA15 alloy. The tensile strength and ductility of the HIP specimens at 500 °C were 14.8% and 52.8% higher than those of the SPS counterparts. Furthermore, the high-temperature tensile properties of HIP TA15 specimens were comparable to those of the forged IMI 685 and even better than those of sintered Ti60 parts. These findings can serve as a guideline for the HIP process of TA15 alloy and the HIP parameter optimization for other near-α Ti alloys applied in harsh environments.