Lamellar Ti–55511 near-beta Ti alloy was conducted on 750°C hot rolling and subsequent 600°C annealing to investigate the microstructure evolution and mechanical properties. The Burgers orientation relationship between α and β phase is broken down owing to dynamic recrystallization (DRX) of lamellar α phase during hot deformation, forming fine and equiaxed α plates, which leads to the increasing tensile strength and elongation. During annealing, secondary α grains are precipitated from β matrix, resulting in higher strength but lower elongation. Meanwhile, further spheroidization and growth of α phase via static recrystallization (SRX) happen during annealing. The recrystallization of β phase only happens in subsequent annealing rather than hot rolling. At the beginning of the deformation, two twin variants can be found in lamellar α phase. With an increase in deformation, three twin variants are formed in α phase. The nano-scaled twins and stacking fault was formed resulting from twins decomposing during annealing.