In the present paper, 10 vol%TiC/Ti–6Al–3Sn–3.5Zr–0.4Mo–0.75Nb–0.35Si composite produced via in situ casting technique was tested in the temperature range from room temperature to 900 °C and much attention was paid on the microstructural evolution during high-temperature tensile test. It was found that the variation of microstructures in deformation zones with strain exhibited different trends at different temperatures. Below 600 °C, dislocation density increased with strain over the entire strain range. As temperature increased to 700 °C, dislocations proliferated rapidly in the initial deformation and then dislocation annihilated through dynamic recovery. Above 800 °C, the variation of microstructures in deformation zones with strain was similar to that at 700 °C at the beginning but at higher strain, dynamic recrystallization (DRX) occurred, leading to the formation of equiaxed microstructure. Microstructural evolution in deformation zones corresponded to the variation of tensile stress–strain characteristics with temperature, reflecting the hardening or softening feature of matrix. Dynamic recovery ascribed to the flow softening of the composite at 700 °C, while flow softening is owing to dynamic recovery and DRX above 800 °C. In addition, matrix softening should show different trends in different temperature ranges.