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Multidirectional isothermal forging (MDIF) was used on a Ti-44Al-4Nb-1.5Cr-0.5Mo-0.2B (at. %) alloy to obtain a crack-free pancake. The microstructural evolution, such as dynamic recovery and recrystallization behavior, were investigated using electron backscattered diffraction and transmission electron microscopy methods. The MDIF broke down the initial near-lamellar microstructure and produced a refined and homogeneous duplex microstructure. γ grains were effectively refined from 3.6 μm to 1.6 μm after the second step of isothermal forging. The ultimate tensile strength at ambient temperature and the elongation at 800 °C increased significantly after isothermal forging. β/B2→α₂ transition occurred during intermediate annealing, and α₂ + γ→β/B2 transition occurred during the second step of isothermal forging. The refinement mechanism of the first-step isothermal forging process involved the conversion of the lamellar structure and discontinuous dynamic recrystallization (DDRX) of γ grains in the original mixture-phase region. The lamellar conversion included continuous dynamic recrystallization and DDRX of the γ laths and bugling of the γ phase. DDRX behavior of γ grains dominated the refinement mechanism of the second step of isothermal forging.