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Ultrafine β grain structures with recrystallized morphologies were fabricated by severe plastic deformation and subsequent annealing in Ti-10Mo-8 V-1Fe-3.5Al alloy. The minimum mean β grain size of 480 nm was obtained for the first time as a recrystallized structure in Ti alloys. Precipitation behavior of α in subsequent aging significantly changed with decreasing the recrystallized β grain size. Both tensile strength and total ductility of the aged Ti-alloy were increased by the β grain refinement. Tensile strength of 1.6 GPa and total elongation of 9.1% were achieved in the aged specimen having the prior β grain size of 480 nm, which was attributed to its finer and more homogeneous precipitated microstructure having a mixture of nanoscale thin-plate α and globular α without side α plates along β grain boundaries.