Since a few decades, the aircraft industry has shifted its preference for metal parts to titanium and its alloys, such as the high-strength titanium grade 5 alloy. Because of titanium grade 5 limited formability at ambient temperature, forming operations on this material requires high temperatures. In these conditions, a peculiar microstructure evolves as a result of the heating and deformation cycles, which has a significant impact on formability and product quality. On the other hand, additive manufacturing technologies, such as selective laser melting and electron beam melting, are increasingly being used and are replacing more traditional approaches such as machining and forging. Fundamental part characteristics such as mechanical and microstructural properties, geometric accuracy, and surface quality strongly depend on the selection of the manufacturing method. The authors of this paper seek to identify the strengths and limitations imposed by the intrinsic characteristics of different manufacturing alternatives for the production of parts of aeronautical significance, providing guidelines for the choice of the most appropriate manufacturing route for a given application and part design.