The metastable-phase characteristics of Ti–Nb alloys can be exploited to improve their functional properties such as damping. In this study, we investigated the structural changes in the metastable quenched martensite structure of Ti–Nb alloys subjected to heating and tensile strain. We examined the differential scanning calorimetry (DSC) heating curves in the reduction state, X-ray diffraction (XRD) profiles under loading/unloading, and material properties such as Young’s modulus and internal friction upon heating. In the DSC heating curve of the 10%-cold-rolled Ti15Nb specimen, an exothermic peak was observed, and for Ti18Nb and Ti20Nb, the exothermic peak exhibited broadening. We speculate that the underlying reason is the biphasic formation resulting from specimen deformation. From the XRD measurements, we found that the lattice tended to shrink upon stress application and recover upon unloading. Significant changes in Young’s modulus and internal friction were observed in the α′′ structures of Ti18Nb and Ti20Nb during initial heating up to 373 K. We posit that the material properties changed owing to structural changes, such as lattice-constant changes, biphasic formation, and crystal orientation changes, resulting from heating or plastic deformation.