The prealloyed powder metallurgy (PM) process is studied in this paper to prepare PM Ti-6Al-4V alloy. And hot isostatic pressing (HIP) technology and the plasma rotating electrode processing (PREP) powders are used in the prealloyed processing to get full density material. The microstructures are examined by optical microscope, and the forming mechanism is studied. Room temperature tensile properties and elastic modulus and impact toughness and fracture tough鄄 ness of PM Ti-6Al-4V alloy are tested and discussed. The results show that the typical microstructures of the PM Ti-6Al -4V alloy are platelet 琢+ fine transformed 茁structure, surrounded by equiaxed 琢on boundaries of the grains. The special microstructure is formed by the reason of special prealloyed process and has excellent comprehensive properties.