TC4 titanium alloy has excellent comprehensive properties. Due to its light weight, high specific strength, and good corrosion resistance, it is widely used in aerospace, military defense, and other fields. Given that titanium alloy components are often fractured by impact loads during service, studying the fracture behavior and damage mechanism of TC4 titanium alloy is of great significance. In this study, the Johnson–Cook failure model parameters of TC4 titanium alloy were obtained via tensile tests at room temperature. The mechanical behavior of TC4 titanium alloy during the tensile process was determined by simulating the sheet tensile process with the finite element software ABAQUS. The macroscopic and microscopic morphologies of tensile fracture were analyzed to study the deformation mechanism of the TC4 titanium alloy sheet. The results provide a theoretical basis for predicting the fracture behavior of TC4 titanium alloy under tensile stress.