Due to the low formability and forming quality of titanium alloy, the forming process of a compound energy field (CEF) with temperature and ultrasonic vibration was proposed. Tensile tests were carried out to investigate the effect of the CEF on the true stress–strain curve, yield strength, elastic modulus, and other mechanical properties of the TC2 titanium alloy. Bending tests assisted by CEF were also performed to investigate the effect of different parameters of the CEF on bending force, spring-back, bending fillet radius, and microstructure of TC2 titanium. The results demonstrate that compared to the process under a single-temperature field, the CEF can reduce yield strength, elastic modulus, bending force, bending fillet, and the spring-back angle, which shows that the CEF can further increase the high-temperature softening effect of TC2 titanium. Furthermore, this effect becomes more remarkable when ultrasonic vibration energy increases. As a result, the formability of titanium alloy can be improved.