A titanium alloy obtained by a cold-working step, in which 10% or more of cold working is applied to a raw titanium alloy, comprising a Va group element and the balance of titanium substantially, and an aging treatment step, in which a cold-worked member, obtained after the cold-working step, is subjected to an aging treatment so that the parameter "P" falls in a range of from 8.0 to 18.5 at a treatment temperature falling in a range of from 150.degree. C. to 600.degree. C.; and characterized in that its tensile elastic limit strength is 950 MPa or more and its elastic deformation capability is 1.6% or more. This titanium alloy is of high elastic deformation capability as well as high tensile elastic limit strength, and can be utilized in a variety of products extensively.