Titanium and titanium alloys have several advantages, but the cost of titanium alloys is very expensive compared with the traditional metal materials. This article introduces two new low-cost titanium alloys Ti-2.1Cr-1.3Fe (TCF alloy) and Ti-3Al-2.1Cr-1.3Fe (TACF alloy). In this study, we used Cr-Fe master alloy as one of the raw materials to develop the two new alloys. We introduce the microstructure and tensile properties of the two new alloys from β solution treated with different cooling methods. Optical microscopy (OM), X-ray diffractometry (XRD), and transmission electron microscopy (TEM) were employed to analyze the phase constitution, and scanning electron microscopy (SEM) was used to observe the fracture surfaces. The results indicate that the microstructures consist of β grain boundary and α′ martensite after water quenching (WQ), β matrix and α phase after air cooling (AC) and furnace cooling (FC), respectively. Also, the microstructure is the typical basketweave structures after FC. Of course, athermal ω is also observed by TEM after WQ. The strength increases with decreasing cooling rates and the plasticity is reversed. Because of the athermal ω, the strength and ductility are highest and lowest when the cooling method is WQ. The strength of TACF alloy is higher than the TCF alloy, but the plasticity is lower. The fracture surfaces are almost entirely covered with dimples under the cooling methods of AC and FC. Also, we observe an intergranular fracture area that is generated by athermal ω, although some dimples are observed after WQ. Titanium and titanium alloys have several advantages, but the cost of titanium alloys is very expensive compared with the traditional metal materials. This article introduces two new low-cost titanium alloys Ti-2.1Cr-1.3Fe (TCF alloy) and Ti-3Al- We introduced the microstructure and tensile properties of the two new alloys from β solution treated Optical microscopy (OM), X-ray diffractometry (XRD), and transmission electron microscopy (TEM) were employed to analyze the phase constitution, and scanning electron microscopy (SEM) was used to observe the fracture surfaces. The results indicate that the microstructures consist of β grain boundary and α ’martensite after water quenching (WQ), β matrix and α phase after air cooling (AC) and furnace cooling (FC), respectively. ctures after FC. Of course, athermal ω is also observed by TEM after WQ. The strength increases with decreasing cooling rates and the plasticity are reversed. Because of the athermal ω, the strength and ductility are highest and lowest when the cooling method is WQ The strength of TACF alloy is higher than the TCF alloy, but the plasticity is lower. The fracture surfaces are almost entirely covered with dimples under the cooling methods of AC and FC. Also, we observe an intergranular fracture area that is generated by athermal ω, although some dimples are observed after WQ.