The textures of the β- and α-phases of the metastable β-titanium alloy Ti5321 after hot deformation were investigated by neutron diffraction. A hot-rolled bar was solutionized in the β-phase field and then hot compressed above and below the β-transus temperature. The initial texture after full recrystallization and grain growth in the β-phase field exhibits a weak cube component {001} and minor {112} and {111} components. After hot compression, a fiber texture is observed, increasing in intensity with compression temperature. Below the β-transus temperature, dynamic recrystallization of the β-phase and dynamic spheroidization of the α-phase interact strongly. The texture of the α-phase is a fiber texture, increasing in intensity with decreasing compression temperature. The mechanisms of texture formation during hot compression are discussed.