The invention relates to the preparation of titanium alloy, more specifically an Al-V-Mo-Fe intermediate alloy for titanium alloy preparation and process for preparing the same, wherein the constituents (by weight percent) of the alloy include, V 26-29%, Mg 17-19%, Fe 17-19%, 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, V2O5 0.641-0.714g, MoO3 0.371-0.381kg, Fe 0.24-0.244kg, CaF2 0.198-0.21kg, KClO3 0.007-0.066kg, 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.