In this work, a novel near α-type powder metallurgy Ti-Al-V-Zr-Mo-Nb titanium alloy (CT1400) was firstly designed and fabricated. The microsturcture characterization, cryogenic temperature mechanical property and deforamtion behavior were also systematically investigated. Results indicated that the CT1400 mainly consists of lamellar α, equiaxed α and a few of lamellar β. The volume fraction of equiaxed α which results from dynamic recrystallization process increases with the increasing fabrication temperature, and shows diversity crystal orientation characteristic. The fabrication temperature has no significant influence on the ultimate tensile stress of CT1400 under 20 K, however, the sample fabricated with 920 ℃ displays optimal cryogenic temperature failure strain resulting from the most sufficient dynamic recrystallization process. Furthermore, CT1400 shows a mixed dislocation slipping and twinning deformation behavior at cryogenic temperature. The twinning deformation could improve the plastic deformation capacity of CT1400 via coordinating dislocation slipping process, and the dislocation strengthening effect also induces the superior ultimate tensile stress under cryogenic temperature.