Recently developed thermally hardenable medium-level alloyed titanium alloy T110 was studied from the viewpoint of microstructure influence on the mechanical behavior under quasi-static and high-strain rate deformation. The globular microstructures of two types differing in aspect ratio of α-globules were formed under thermomechanical processing conditions with different reductions (εtotal = 2, and 3) and final annealing at 850 °C, 3 h. The thermally hardened state was formed by conventional solid-solution treatment at a temperature of two-phase α+β field (880 °C, 45 min), water quenching, and final aging (550 °C, 5 h). Stress–strain dependencies were estimated on tension with strain rates varied from 8·10−4 to 4·10−2 s−1, as well as compression with a strain rate of 10−3 s−1 (quasi-static) and under high-strain rates varied from 870 s−1 to 3520 s−1; the deformation with high-strain rates has been achieved using split Hopkinson pressure bar (SHPB) technique. The tested material was also assessed using strain energy (SE) parameter. A parallel study of the microstructure and crystallographic texture formed during testing allowed to propose a reliable deformation and fracture mechanisms, depending on the stress state (tension, compression) and strain rate. A special role of the initial microstructure is noted, which determines the plasticity of the tested alloy, the sites of pore nucleation, features of crack growth, as well as the localization of deformation, which is determined by the mode and rate of loading. It is established and explained why the best balance of strength and ductility, and thus, the highest SE values in the all tests carried out were ensured by the alloy in the state with a more uniform microstructure of globular morphology (after the rolling with reduction εtotal =3), which, in turn, provided general superiority over the widely used Ti-6Al-4V alloy.