A titanium alloy having high strength, fine grain size, and low cost and a method of manufacturing the same is disclosed. In particular, the inventive alloy offers a strength increase of about 100 MPa over Ti 6-4, with a comparable density and near equivalent ductility. The inventive alloy is particularly useful for a multitude of applications including components of aircraft engines. The Ti alloy comprises, in weight percent, about 6.0 to about 6.7 % aluminum, about 1.4 to about 2.0 % vanadium, about 1.4 to about 2.0 % molybdenum, about 0.20 to about 0.42 % silicon, about 0.17 to about 0.23 % oxygen, maximum about 0.24 % iron, maximum about 0.08 % carbon and balance titanium with incidental impurities.
