Ti2AlNb alloy is one of the candidate high strength titanium alloy materials under consideration for compressor disc, which will endure dwell loading at high peak stress level during service. In this work, low cycle fatigue (LCF) and low cycle dwell fatigue (LCDF) deformation behaviors and damage mechanism of Ti2AlNb alloy with lamellar microstructure under high loading level were investigated. The results show that fatigue life is highly dependent on the peak stress (σpeak) and dwell time (tdwell). With increasing the σpeak, the LCF life decreases gradually since higher loading stress can accelerate plastic strain accumulation and lead to faster crack propagation. When at the same σpeak, the LCDF life is lower than the LCF life due to greater plastic strain accumulation caused by dwell effect, indicating a dwell life debit of the Ti2AlNb alloy. Moreover, dwell fatigue sensitivity exhibits an increasing trend as the tdwell increases. Under different loading waveforms, the fractography shows remarkably different features. Crack source of LCF appears on sample surface, while crack source of LCDF appears on surface and sub-surface of sample. The research of LCDF behavior is relevant to aviation industry to prevent premature failure of rotating components made of Ti2AlNb alloys.