Alpha plus beta type titanium alloy

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A (α+β) type Ti alloy contains 7 wt % to 8.5 wt % of Al, 0.5 wt % to 1.5 wt % of V, 1 wt % to 3 wt % of Mo, 1 wt % to 3 wt % Cr, 0.3 wt % to 1 wt % of Fe, 0.05 wt % to 0.1 wt % of rare earth element, Ti, and unavoidable impurities. The Ti alloy can be produced by varmelting, forging, rolling and casting pressure processing or powder metallurgy. The total amount of impurities of C, H, O, and N is not higher than 0.25 wt %. V, Mo, and rare earth elements are added in forms of Al—V intermediate alloy, Al—Mo intermediate alloy, and La—Ce mixed rare earth, respectively. The room-temperature tensile strength and yield strength of the Ti alloy are higher than those of Ti—6Al—4V by more than 30%, the high-temperature strength is superior to that of Ti—6Al—4V, density and cost are lower than those of Ti—6Al—4V.