A new near-α titanium alloy Ti-0.3Mo-0.8Ni-2Al-1.5Zr was designed based on Ti-0.3Mo-0.8Ni (TA10). The hot compression tests were carried out at temperatures of 800–970 °C and strain rates of 0.01–5 s−1. The results show that the flow softening phenomenon in the α + β phase region is more distinct than that in the single β phase region. The Arrhenius constitutive models based on strain compensation in the α+β phase region and β phase region were established respectively, and the correlation coefficient between the predicted flow peak stress values and the experimental values reached 0.99365. The hot processing map of the alloy was established, the processing parameters of the peak efficiency: 800 ≤ T ≤ 818 °C, 0.01 ≤ ε˙ ≤ 0.0235 s−1, and 960 ≤ T ≤ 970 °C, 0.01 ≤ ε˙ ≤ 0.0213 s−1. The microstructure evolution and deformation mechanism of the compressed specimens were researched by electron backscatter diffraction (EBSD) technique. There were two nucleation mechanisms for dynamic recrystallization (DRX): sub-grains growth nucleation and high angle grain boundaries (HAGBs) bulging nucleation, the former was continuous dynamic recrystallization (CDRX), and the latter was discontinuous dynamic recrystallization (DDRX). The flow stress in the α+β phase region was softened by CDRX and dynamic recovery (DRV), while the principal deformation mechanisms in the β phase region are DRV and DDRX. The dislocation strain energy and recrystallization ability at different temperatures were quantitatively analyzed by the kernel average misorientation (KAM) and the geometrically necessary dislocation (GND), and the results showed that more complete recrystallization occurred at lower temperature in the α + β phase region. The HCP slip was principally completed by prismatic ⟨a⟩ and pyramidal ⟨c+a⟩ slip systems during the hot compression, while BCC was a mixed mode of {110}, {112} and {113} multiple slips.