The weft knitted shirt fabric has good elasticity and comfortability, but it is difficult to achieve the formability of woven shirts. In this study, 30D XLANCE® elastic fibers and 30D Lycra® elastic fibers were used, which paired with 40S cotton and 75D/36F moisture-absorbing and quick-drying polyester DTY to develop the woven shirt fabrics on a 32 needle/25.4 mm single-sided circular machine. The results indicate that the 30D XLANCE® knitted shirt fabric has undergone sufficient heat setting treatment, and its mechanical properties are close to those of the standard woven fabric, superior to 30D Lycra® and 30D XLANCE® without sufficient heat setting treatment fabrics. The ultraviolet resistance behavior of XLANCE® fabrics is significantly better than that of Lycra® fabrics. Meanwhile, the XLANCE® fabrics after heat setting still maintain the excellent elasticity and resilience, breathability, moisture absorption, and quick drying performance, and the dimensional stability after washing is also very good. In addition, compared with spandex, XLANCE® fabrics have the lower heat setting temperature, which is beneficial for reducing energy consumption and carbon emissions. It can be considered that XLANCE® elastic fibers are the ideal raw materials for the knitted woven products.