The invention discloses a titanium alloy. The titanium alloy comprises the following components by weight percentage: 3.8-4.8% of Al, 2.0-3.2% of V, 0.7-1.7% of Fe, 0.2-0.3% of O and the balance of Ti. Machining steps are as follows: step (1), heating a titanium alloy ingot in a temperature range of 100-150 DEG C above a phase transformation point, controlling the final forging temperature in a range of 900 DEG C +/-20 DEG C, performing cogging forging, and controlling rolling reduction at every time within 10-25 mm; step (2), heating in a temperature range of the phase transformation point +/- 20 DEG C, performing upsetting and drawing forging, and controlling the final forging temperature in a range of 850 DEG C +/-20 DEG C and the rolling reduction not to excess 30%of the length; step (3), heating at 30-50 DEG C below the phase transformation point, performing finished-product forging, controlling deformation to be about 60%, and performing heat treatment after the finished-product forging; step (4), performing vacuum annealing as the heat treatment, controlling the annealing temperature to be in a range of about 150 DEG C within the phase transformation point, controlling the temperature changeless to be 60-90 min, and performing air cooling. The titanium alloy is applied to manufacturing of a drive pin, a connecting rod, a motor suspending lever and a fastening of a train or a motor car; weight losing and corrosion resisting effects are achieved.