Dislocation slips, twinning, shear banding (SBs), strain localization, and martensite formation are a few deformation modes that are activated in BCC metals and alloys. Strain, strain rate, and deformation temperature are other parameters that determine the activation of deformation modes in BCC alloys. This review focuses on several BCC alloys, such as beta-titanium (β-Ti), tantalum (Ta), and ferritic stainless steels (FSSs), all of which exhibit differences in deformation behavior. These alloys often undergo thermo-mechanical processing (TMP) to enhance their mechanical properties. TMP leads to the evolution of deformation-induced products, such as SBs, strain-induced martensite (SIM), strain localizations, and mechanical/deformation twins (DTs) during plastic deformation, while also influencing crystallographic texture. The deformation modes in β-Ti depend upon the stability of the β-phase (i.e., β-stabilizers); low-stability alloys show the formation of SIM along with slips and twins, whereas in highly stable β-Ti alloys, only slip+twin modes are observed as the primary deformation mechanisms. In the case of Ta, slip activity predominantly occurs on {110} planes, but it can also occur on planes with the highest resolved shear stress. The breakdown of Schmid’s law or non-Schmid behavior for Ta and Ta-W alloys has been discussed in detail. The cold rolling (CR) of FSSs results in the formation of ridges, which is an undesirable phenomenon leading to very low formability. The microstructures of the rolled sheets consist of elongated ferrite grains with in-grain SBs, which are preferentially formed in the γ-fiber-oriented grains. The formation of finer grains after recrystallization improves both the mechanical properties and ridging resistance in FSS. Therefore, this review comprehensively reports on the impact of TMP on the microstructural and crystallographic texture evolution during the plastic deformation and annealing treatment of β-Ti, Ta alloys, and FSSs in BCC materials, using results obtained from electron microscopy and X-ray diffraction.