This paper presents a systematic study of heating effects on the hot deformation and microstructure of dual-phase titanium alloy Ti-6Al-4V (TC4) under hot forming conditions. Firstly, hot flow behaviors of TC4 were characterized by conducting tensile tests at different heating temperatures ranging from 850 °C to 950 °C and heating rates ranging from 1 to 100 °C/s. Microstructure analysis, including phase and grain size, was carried out under the different heating conditions using SEM and EBSD. The results showed that when the heating temperature was lower than 900 °C, a lower heating rate could promote a larger degree of phase transformation from α to β, thus reducing the flow stress and improving the ductility. When the temperature reached 950 °C, a large heating rate effectively inhibited the grain growth and enhanced the formability. Subsequently, according to the mechanism of phase transformation during heating, a phenomenological phase model was established to predict the evolution of the phase volume fraction at different heating parameters with an error of 5.17%. Finally, a specific resistance heating device incorporated with an air-cooling set-up was designed and manufactured to deform TC4 at different heating parameters to determine its post-form strength. Particularly, the yield strength at the temperature range from 800 °C to 900 °C and the heating rate range from 30 to 100 °C/s were obtained. The results showed that the yield strength generally increased with the increase of heating temperature and the decrease of heating rate, which was believed to be dominated by the phase transformation.