Titanium and its alloys are potential materials for orthopedic implant applications due to their appropriate biological and mechanical behavior. As biocompatibility and biomechanical compatibilities are essential parameters for determining a biomedical implant's performance and service life, this research review article discussed the novel Ti alloys with nontoxic and biocompatible alloying elements with an elastic modulus similar to the bone. Among Ti alloys, β-Ti alloys are appropriate for load-bearing implant applications due to lower elastic modulus and nontoxic elements, including Ti, Ta, Nb, Zr, Sn, and Mo. Even though the β-Ti alloys possess a lesser elastic modulus compared to other metallic biomaterials, two issues associated with β-Ti alloys that result in implant failure are that they still possess a higher elastic modulus than human bone and they have insufficient strength. Alloy composition and thermomechanical processing characteristics play a vital role in altering the mechanical properties and microstructure of β-Ti alloys. Hence, this review article emphasizes the alloying and thermomechanical processing effects on the mechanical properties and microstructure of β-Ti alloys.