Abstract: A light-weight, high-strength, and high-elasticity titanium alloy and an implementation method thereof. The titanium alloy is specifically Ti-8Al-2V-1Cr-0.75Zr, wherein the content of Al is 7.0% to 9.5%, the content of V is 0.5% to 4.0%, the content of Cr is 0.5% to 3.5%, the content of Zr is 0.5% to 2.0%, and the balance is Ti. The titanium alloy is obtained by vacuum arc remelting(VAR), after mold pressing through the adoption of sponge titanium, vanadium, chromium, aluminum zirconium pure, pure aluminum, aluminum vanadium alloy mixed consumable electrode. The titanium alloy is simple in preparation processing steps, low in processing cost, easy in production, and is applicable to various application fields with a requirement for a low-density and high-strength titanium alloy.