A Ti-15Mo/TiB titanium–matrix composite (TMC) was produced by spark plasma sintering at 1400 °C under a load of 40 MPa for 15 min using a Ti-14.25(wt.)%Mo-5(wt.)%TiB₂ powder mixture. Microstructure evolution and mechanical behavior of the composite were studied during uniaxial compression at room temperature and in a temperature range of 500–1000 °C. At room temperature, the composite showed a combination of high strength (the yield strength was ~1500 MPa) and good ductility (~22%). The microstructure evolution of the Ti-15Mo matrix was associated with the development of dynamic recovery at 500–700 °C and dynamic recrystallization at higher temperatures (≥800 °C). The apparent activation energy of the plastic deformation was calculated and a processing map for the TMC was constructed using the obtained results.