In the aerospace field, the BT25y titanium alloy is recommended as a candidate material for manufacturing compressor discs and rotor blades of aircraft engines. The influence of hot deformation parameters on the microstructural evolution, recrystallization softening, and globularization mechanism of the BT25y alloy with an initial lamellar structure was studied. Furthermore, the coupling relationship between dynamic recrystallization and lamellar globularization was explored by means of EBSD, SEM, and TEM techniques. The experiment results indicate that the characteristics of initial lamellar α, α/α sub-grain boundaries within α lamellae, and the α/β phase boundary show significant variations due to the formation of equiaxed α grains during hot deformation. As the strain rate increases, the recrystallization mechanism of α phase gradually shifts from CDRX softening characterized by sub-grain evolution and lamellae fracture, to DDRX softening characterized by grain boundary arching and sub-grain boundary bridging. As the deformation temperature increases, the intense thermal activation promotes the accumulation of distortion storage energy, providing enhanced driving force for the occurrence of dynamic recrystallization. The research results will contribute to a deeper understanding of the relationship between dynamic recrystallization and lamellar globularization, providing theoretical guidance for the deformation process optimization and mechanical property control of the BT25y alloy.