In-situ TiB whisker-reinforced Ti–6Al–4V (TC4) titanium matrix composites (TiBw/TC4) with quasi-continuous networks were successfully fabricated by vacuum hot-pressing sintering. The effects of the hot-hydrostatic canned extrusion on stock utilization, microstructure and mechanical properties of the TiBw/TC4 composites were investigated. It was satisfactory that the utilization of composites could be obviously improved by canned extrusion compared to that extruded without canned extrusion. The microstructure results showed that after canned extrusion the grain was refined and the TiB whiskers were distributed from a random array state to a state in which the whiskers were distributed along the extrusion direction. The properties testing results revealed that the tensile strength, the hardness and the ductility of the composites all significantly improved after extrusion due to the grain refinement and orientation of the TiB whisker caused by extrusion. Tensile fracture results showed that when the TiB whiskers were randomly distributed only part of them played a role in strengthening the matrix during the deformation process (as-sintered composites), while when the TiB whiskers were oriented all whiskers could strengthen the matrix during the tensile testing process (as-extruded composites).