The effect of heat treatment on the microstructure and mechanical properties of cast Ti-6%Al-4%V alloy was investigated. Heat treatment of cast Ti-6Al-4V alloy was conducted by solution treatment at 950 oC for 30 min; this was followed by water quenching and then aging at 550 oC for 1 to 1440 min. The highest hardness of the heat-treated specimens was obtained by solution treatment and subsequent aging for 5 min due to precipitates of fine α that formed from retained β phase. The tensile strength of this alloy increased without dramatic decrease of the ductility due to microstructural refinement resulting from the decomposition of α' martensite into fine α and β phases, and also due to the fine α phase formed from the retained β phase by aging treatment for 5 min. In addition, this strengthening might be caused by the transformation induced plasticity (TRIP) effect, which is a strain-induced martensite transformation from the retained β phase during deformation, and which occurs even after aging treatment at 550 oC for 5 min.