Titanium has many special characteristics such as specific high strength, low elastic modulus, excellent corrosion and oxidation resistance, etc. Beta titanium alloys, because of their good formability and strength, are used for jet engines, and as turbine blades in the automobile and aerospace industries. Low cost beta titanium alloys were developed to take economic advantage of the use of low-cost beta stabilizers such as Mo, Fe, and Cr. Generally, adding a trace of boron leads to grain refinement in casted titanium alloys due to the pinning effect of the TiB phases. This study analyzed and evaluated the microstructural and mechanical properties after plastic deformation and heat treatment in boron-modified Ti-2Al-9.2Mo-2Fe alloy. The results indicate that a trace of boron addition made grains finer; this refinement effect was found to be maintained after subsequent processes such as hot forging and solution treatment. This can effectively reduce the number of required manufacturing process steps and lead to savings in the overall cost as well as low-cost beta elements.