Titanium alloys, with their impressive strength relative to their weight, resistance to corrosion, and compatibility with biological systems, have found extensive applications in various industries. In high-temperature environments, especially within the aerospace sector, it is essential to advance titanium alloys that boast enhanced resistance to oxidation and superior mechanical characteristics. This work investigates the oxidation characteristics and mechanical performances at high temperatures of a titanium alloy with titanium silicide particles. Oxidation at temperatures of 600–700 °C over a span of 8–32 h led to the formation of protective oxide layers and moderate oxidation rates. However, accelerated oxidation and oxide spallation occurred after exposed at 800 °C for a period of 16 h, indicating inadequate oxidation resistance over 800 °C. Subsequent tensile tests at 650 °C revealed intricate dislocation patterns in the α-Ti matrix and their strong interaction with interfaces of α-Ti/Ti5Si3, which is indicative of an efficient load transfer between the precipitates and the matrix. Overall, this study offers fresh perspectives on the oxidation kinetics and the deformation processes of titanium alloys with in-situ Ti5Si3 particles at high temperatures. These insights will guide subsequent alloy development endeavors aiming to broaden the use of titanium alloys in increasingly challenging high-temperature settings.