Ti-6Al-4V (Ti64 or TC4) alloy is widely used in the industrial field. However, there have been few studies of the TC4 alloy melted by electron beam cold hearth melting (EBCHM) technology. Aging treatment has a considerable influence on the secondary α-phase in titanium alloys. Therefore, TC4 alloy melted by EBCHM technology was investigated in this study. The effect of different aging times on the microstructural evolution and mechanical properties of titanium alloy sheets was evaluated. The results showed that, with increase in aging time, the primary α-phase enlarged and grain globularization occurred. In addition, some transformed β-phases disappeared. The strength and Vickers hardness of the heat-treated sheets decreased, while the plasticity increased with increase in aging time, indicating that the mechanical properties developed with evolution of the microstructure. After aging at 560 °C for 2 h, the properties overall were optimal. The type of fracture of the samples was ductile fracture; the dimples became larger with increase in aging time. After heat treatment, the recrystallized nucleus, substructures and HAGBs increased, while the deformed structure and LAGBs decreased. Some grains had rotated following heat treatment, indicating that anisotropy was greatly reduced.