Abstract: The inventive titanium alloy comprises, expressed in mass %: aluminium 4.0-6.0; vanadium 4.5-5.0; molybdenum 4.5-5.0; chromium 2.0-3.6; ferrum 0.2-0.5; the rest being titanium. An equivalent molybdenum content is determined as corresponding to Moequiv.≧13.8. The total aluminum and zirconium content does not exceed 7.2. The inventive method for heat treatment consists in heating to t&bgr;<>&agr;+&bgr;−(30-70)° C., conditioning during 2-5 hrs. at that temperature, air or water cooling and age-hardening at a temperature ranging from 540° C. to 600° C. during 8-16 hrs. Said alloy has a high volumetric deformability and is used for manufacturing massive large-sized forged and pressed pieces having a high strength level, satisfactory characteristics of plasticity and fracture toughness.