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Ti-55511 billet with the acicular α initial microstructure was hot rolled (HR sample) and then heat treated (HR+HT sample) at 750 °C. The effects of HR and HT on the anisotropy of microstructure, texture, and tensile properties were investigated. The tensile results show that there are obvious anisotropic tensile properties between RD and TD. The anisotropic elongation of HR sample is related to the morphology of α phase. After HR, the acicular α is parallel to RD. As for RD specimen, the transgranular propagation of microcrack passing through the acicular α phase leads to the ductile fracture, thus showing the higher ductility than TD specimen. While the intergranular propagation of microcrack passing by the equiaxed α phase in TD specimen causes the brittle fracture. The anisotropic strength of HR sample depends on the relationship among texture type of α phase, slip system, and loading direction. The maximum texture intensity at TD leads to the easy activation of basal slip system in RD and that of prismatic slip system in TD, and then causes the lower strength of RD specimen than TD specimen. After HT, the decreased anisotropy of elongation and strength can be attributed to the increased α size and the decreased texture intensity of α phase. These results demonstrate that anisotropic tensile properties mainly depend on the morphology and texture of α phase.