TiAl alloy is a high temperature structural material with excellent comprehensive properties in the range of 750–900 °C. However, its engineering application is limited by its poor plasticity and hot working properties at room temperature. Based on the above background, a novel three-phase Ti-40Al-6V-1Cr-0.3Ni (at.%) alloy was designed and fabricated in the present study. The as-cast ingot was subjected to near-isothermal forging, and the thermoplastic deformation behavior, microstructure evolution and mechanical properties were systematically studied. Near-isothermal forging shows excellent forming capability, and the forging disk is flawless without cracking. The core of the forging disk shows the greatest degree of deformation, and the microstructure is composed of fine equiaxed grains and residual (α2/γ) lamellae. The hardness of the B2 phase and the hardness difference between the B2 phase and γ phase are reduced by the Cr and V elements added in the alloy. The wrought alloy exhibits excellent mechanical properties at room temperature and elevated temperature, respectively. The uniform fine microstructure, low nanohardness of the B2 and γ phase and the property matching of each phase can be accounted for the excellent mechanical properties.