Lifetimes of 30 high-spin levels in 80 Y were measured using the Doppler-shift attenuation method. The high-spin states were populated using the 54 Fe͑ 28 Si, pn͒ reaction at 90 MeV, with a thick 14 mg/ cm 2 54 Fe target used to stop all recoils. Prompt ␥ -␥ coincidences were detected using a Compton-suppressed Ge array consisting of three Clover detectors and seven single-crystal detectors. Lifetimes were determined from experimental line shapes measured at both 35°and 145°whenever possible. Transition quadrupole moments Q t inferred from the lifetimes in the lowest positive-and negative-parity bands are large ͑Ͼ3 eb͒ at low spin, but show a rather abrupt decrease at high spin. Results of calculations using the projected shell and cranked Woods-Saxon models in conjunction with the cranked-shell model suggest that these drops in Q t are due to quasiparticle alignment, which introduce shape changes in each band from nearly prolate below the alignment to triaxial above. Magnetic dipole transition strengths B͑M1͒ in the yrast positive-parity band show a strong alternating pattern with spin, similar to that observed in other neighboring odd-odd nuclei.