Microstructure and properties of a metastable β-type Ti-35Nb-2Ta-3Zr alloy after cold rolling plus annealing at various temperatures were investigated systematically. The X-ray diffraction results show that the sample annealed at 923 K is mainly composed of the β phase (92.3%). However, the samples annealed at 723, 823, and 1023 K contain a large amount of α phase of 39.6, 36.5, and 39.4%, respectively. The elastic modulus of the sample annealed at 923 K is about 50.1 GPa. However, these of the samples annealed at 723, 823, and 1023 K are 73.7, 56.1, and 70.2 GPa. Furthermore, the sample annealed at 923 K presents the best elasticity and the highest recovery strain (∼66.87%). The corrosion rate of the sample annealed at 923 K (∼2.403 µm•a −1) is the lowest among all the samples, which may be attributed to its minimum content of α phase.