A Split Hopkinson Pressure Bar system was employed to investigate the compressive dynamic mechanical behaviors of Ti-10V-2Fe-3Al (Ti-1023) alloy with lamellar microstructure, over a broad strain rates ranging from 1500/s to 5100/s. The results reveal that the strain rate has a significant effect on the flow stress of Ti-1023 alloy, and there exists serious thermal softening as the strain rate exceeds 3200/s. The critical strain rate of fracture for this alloy is 2300/s. The microstructure examination indicated that adiabatic shear bands (ASBs) bifurcate more intensely with the increasing of strain rate. Micro-voids nucleate either in the ASB or interface between shear band and matrix bulk. Finally, fracture of this alloy proceeds through the nucleation, growth and coalescence of these voids and cracks along the ASBs.