To study the dynamic shear deformation and failure properties of Ti-6Al-4V (Ti-64) alloy and Ti-5Al-5Mo-5V-1Cr-1Fe (Ti-55511) alloy, a series of forced shear tests on flat hat shaped (FHS) specimens for the two investigated materials was performed using a split Hopkinson pressure bar setup. The evolution of shear deformation was monitored by an ultra-high-speed camera (Kirana-05M). Localized shear band is induced in the two investigated materials under forced shear tests. Our results indicate that severe strain localization (adiabatic shear) is accompanied by a loss in the load carrying capacity, i.e., by a sudden drop in loading. Three distinct stages can be identified using a digital image correlation technique for accurate shear strain measurement. The microstructural analysis reveals that the dynamic failure mechanisms for Ti-64 and Ti-55511 alloys within the shear band are of a cohesive and adhesive nature, respectively.