Ti-4.5Al-3V-2Fe-2Mo (SP700) is a kind of α+β titanium alloy of rich beta phase through adding beta stableelements of Mo and Fe based on Ti-6Al-4V alloy. Compare to Ti-6Al-4V alloy, SP700 is of better cold and hot process formability, higher strength, plasticity, fracture toughness and fatigue strength. The most prominent is that SP700 titanium alloy can get excellent mechanical properties through choosing suitable heat treatment condition and controlling microstructure.