The　high　strength　and　low　cost　Ti-Fe　based　alloy　was　produced　by　double　vacuum　induction　melting　method　followed　by　hot　deformation.　The　microstructure　has　been　investigated　by　Optical　Microscopy,　Scanning　Electron　Microscopy　(SEM),　and　Transmission　Electron　Microscopy　(TEM).　The　microstructure　of　as-forged　alloy　is　composed　of　alpha　and　beta　phase　without　the　precipitation　of　TiFe　intermetallic　compound.　The　Ti-Fe-Al　alloys　show　good　comprehensive　mechanical　properties,　demonstrating　ultimate　tensile　strength　of　1100MPa　and　elongation　above10%.　The　results　indicate　the　Fe　is　a　good　candidate　for　solution　strengthening　and　simultaneously　increasing　ductility　in　titanium　alloys.　Effect　of　the　Fe　and　Al　elements　on　the　microstructure　and　mechanical　properties　have　been　discussed.