The high spin structure of 201Tl has been studied by γ -ray spectroscopic method using the 198Pt(7Li,4n)201Tl reaction at 45 MeV beam energy. The level scheme of 201Tl has been considerably extended through the observation of 31 new transitions. Several new band structures have been established. The 9/2− oblate band has been significantly extended beyond the particle alignment frequencies. The band structures and the other excited states have been compared with the neighboring odd-A Tl isotopes and with the even-even core nucleus 200Hg. The total Routhian surface calculations have been performed to study the deformation and shape changes as a function of spin in this nucleus.