Deformation of Titanium alloys close to optimal superplastic condition i.e. near superplastic regime of deformation leads to significant change in microstructures.VT-9 titanium alloy was used in order to find out those parameters of microstructure which are varying significantly during near superplastic regime of deformation. Tensile tests were carried out at 930°C up to fracture with a constant strain rate of 5*10-4 s-1 and a jump wise varying strain rate of 1*10-4 s-1 & 5*10-4 s-1 .The microstructural parameters of both air-cooled and water quenched portion i.e. size of alpha phase, percentages of alpha phase and parameter of non-uniaxiality of alpha phase were found to change significantly during near superplastic regime of deformation. It has been found that in the near superplastic regime of deformation percentage of α-phase decreased from 90% to 13%. As the β-transus temperature of this alloy is 970°C, this significant change in percentage of α-phase is attributed to deformation induced phase transformation. Optical microscopes, micro Vickers hardness test, XRD, FESEM have been used to characterize the microstructure of the material.