The ability to obtain a new cost-efficient titanium β-metastable alloy Ti-1.5 (%wt.)Al-1Fe-7.2Cr using conventional cast and wrought technological approaches is investigated. The microstructure and phase composition are characterized in the as-cast, hot-deformed and aged states. The aging behaviour of the state water-quenched from the temperature of single-phase β-field alloy is studied by exposure at 673 K and 773 K, and compared with previously obtained data for the Ti-11V-7Cr-4Al alloy. The mechanical properties are determined by tensile testing of the as-deformed, annealed at the temperature of the two-phase α + β-field, and strengthened by STA treatment (solid solution treatment, water quenching and aging) states. As confirmed, under all the test conditions proposed, the new alloy has an attractive balance of high strength and ductility, which are competitive with those for other titanium alloys of the same metastable β-type.