Fine-grained large deformation two-phase titanium alloys with large amount of dislocations and high-angle grain boundaries have good tensile and fatigue properties. However, the partial dislocations, textures and micro-stress in the deformed alloy may not be beneficial for improving the toughness, which has attracted the attention of researchers at home and abroad. The annealing treatment is an effective method to regulate the strength-toughness synergy of the deformed alloy. However, the growth rate of fine grain could be accelerated by the deformation storage energy, which could result in the decrease in the strength. Therefore, the excellent comprehensive property is difficult to obtain by the traditional method. In this paper, the influence of microstructural parameters and microstress on the toughness of titanium alloy is firstly reviewed. Secondly, the strength and toughness of titanium alloy are described based on the analysis of the large deformation mechanism (ECAP, HPT, multistep deformation and FSP). Finally, the effect of a pulse current heating on the microstructure and toughness of high strength titanium alloy is identified, and the research direction and problem are further discussed in the current assisted deformation or heating processes of titanium alloys.