The structure, the phase composition, and the physical and mechanical properties of a hot-forged billet from titanium alloy VT14 are studied by the methods of microstructural and x-ray diffraction analyses, micro-indentation, thermodynamic computations with the help of the ThermoCalc software, and thermomechanical tests in a Gleeble 3800 facility. The flow stress and the strain heating are shown to depend on the degree of deformation in compressive and tensile tests at strain rates 1 and 10 sec – 1 and temperatures 900, 925, 950, and 975°C. The results of the study are analyzed and compared to the available reported data.