Near- $\alpha$ titanium alloys have extensive applications in high temperature structural components of aircrafts. To manufacture complex-shaped titanium alloy panel parts with desired microstructure and good properties, an innovative low-cost hot stamping process for titanium alloy was studied in this paper. Firstly, a series of hot tensile tests and Scanning Electron Microscope (SEM) observations were performed to investigate hot deformation characteristics and identify typical microstructural evolutions. The optimal forming temperature range is determined to be from 750 °C to 900 °C for hot stamping of TA15. In addition, a unified mechanisms-based material model for TA15 titanium alloy based on the softening mechanisms of recrystallization and damage was established, which enables to precisely predict stress-strain behaviors and potentially to be implemented into Finite Element (FE) simulations for designing the reasonable processing window of structural parts for the aerospace industry.