The hot deformation behavior of as-extruded Ti-6554 alloy was investigated through isothermal compression at 700-950 °C and 0.001-1 s-1. The temperature rise under different deformation conditions was calculated, and the curve was corrected. The strain compensation constitutive model of as-extruded Ti-6554 alloy based on temperature rise correction was established. The microstructure evolution under different conditions was analyzed, and the dynamic recrystallization (DRX) mechanism was revealed. The results show that the flow stress decreases with the increase of strain rate and the decrease of deformation temperature. The deformation temperature rise gradually increases with the increase of strain rate and the decrease of deformation temperature. At 700 °C/1 s-1, the temperature rise reaches 100 °C. The corrected curve value is higher than the measured value, and the strain compensation constitutive model has high prediction accuracy. The precipitation of the α phase occurs during deformation in the two-phase region, which promotes the DRX process of the β phase. At low strain rate, the volume fraction of dynamic recrystallization increases with the increase of deformation temperature. The DRX mechanism includes continuous dynamic recrystallization (CDRX) and discontinuous dynamic recrystallization (DDRX).