Heat treatment of metastable beta titanium alloys involves essentially two steps-solution treatment in beta or alpha+beta phase field and aging at appropriate lower temperatures. High strength in beta titanium alloys can be developed via solution treatment followed by aging by precipitating fine alpha (α) particles in a beta (β) matrix. Volume fraction and morphology of α determine the strength whereas ductility is dependent on the β grain size. Solution treatment in (α + β) range can give rise to a better combination of mechanical properties, compared to solution treatment in the β range. However, aging at some temperatures may lead to a low/nil-ductility situation and this has to be taken into account while designing the aging step. Heating rate to aging temperature also has a significant effect on the microstructure and mechanical properties obtained after aging. In addition to α, formation of intermediate phases such as omega, beta prime during decomposition of beta phase has been a subject of detailed studies. In addition to covering these issues, the review pays special attention to heat treatment of beta titanium alloys for biomedical applications, in view of the growing interest this class of alloys have been receiving.