Titanium alloy sheets present inferior formability and severe springback in conventional forming processes at room temperature which greatly restrict their applications in complex-shaped components. In this paper, deformation characteristics and formability and springback behaviors of titanium alloy sheet at room temperature are systematically reviewed. Firstly, deformation characteristics of titanium alloys at room temperature are discussed, and formability improvement under high-rate forming and other methods are summarized, especially the impacting hydroforming developed by us. Then, the main advances in springback prediction and control are outlined, including the advanced constitutive models as well as the optimization of processing paths and parameters. More importantly, notable springback reduction is observed with high strain rate forming methods. Finally, potential investigation prospects for the precise forming of titanium alloy sheet in the future are suggested.