The invention relates to the preparation of titanium alloy, more specifically an Al-Mo-Si intermediate alloy for titanium alloy preparation and process for preparing the same, wherein the constituents (by weight percent) of the alloy include, Mo 38-48%, Si 3.5-4.5%, and balancing Al. The preparing process comprises, employing furnace outside ignition smelting method, operating according to routine procedures, the raw material drying temperature being 70-80 deg. C, the drying time no less than 24 hours, calculated based on 1kg of Al, the charged mixture includes, industrial Si 0.034-0.044kg, MoO3 0.781-0.935kg, CaF2 0.36-0.42kg, KCLO3 0.149-0.174kg, the raw material shoving temperature being 30-60 deg. C. The advantages of the invention include facilitated preparation of titanium alloy, low making cost, homogeneous alloying, good oxidation resistance, easy storing, transport and fragmenting.