X-ray diffraction (XRD), scanning electron microscope (SEM), immersion, electrochemical, and tensile tests were employed to analyze the phase constitution, microstructure, corrosion behaviors, and tensile properties of a Ti-6Al-4V alloy and a newly-developed low cost titanium alloy Ti-4Al-2V-1Mo-1Fe. The results showed that both the Ti-6Al-4V and Ti-4Al-2V-1Mo-1Fe alloys were composed of α and β phases. The volume fractions of β phase for these two alloys were 7.4% and 47.3%, respectively. The mass losses after 180-day immersion tests in 3.5 wt.% NaCl solution of these alloys were negligible. The corrosion resistance of the Ti-4Al-2V-1Mo-1Fe alloy was higher than that of the Ti-6Al-4V alloy. The tensile tests showed that the Ti-4Al-2V-1Mo-1Fe alloy presented a slightly higher strength but a lower ductility compared to the Ti-6Al-4V alloy.