In this work, the Ti-20Zr-15Mo alloy in its hot-rolled state was annealed in different phase zones, and the effects of the annealing treatment on the phase composition, organization, mechanical and corrosion resistance properties of the alloy were systematically investigated. The results showed that the original β grains of the alloy had all recrystallized to form the β equiaxial grains when annealed at 800 °C, and the grains had been significantly refined. This allowed the alloy to reach a tensile strength of 1000 MPa, a maximum of 28% after stretching, and a significant increase in plasticity. Also, due to the single beta phase, there was no galvanic corrosion, making the alloy annealed at 800 °C have the best corrosion resistance.