This research focuses on the development of low cost powder metallurgy (PM) Ti alloys suitable for application in PM thermomechanical processing with mechanical properties comparable to those of wrought Ti6Al4V alloy. The alloy systems studied are Ti3Al2V, Ti5Fe and Ti3.2Fe1Cr0.6Ni0.1Mo (Ti5SS). The alloy mixtures were produced by blending Ti HDH powders with Al40V, 316SS master alloy powders or elemental Fe powder. The blended powders were further consolidated using various methods: high vacuum sintering (HVS), induction sintering (IS), powder compact forging (PCF) and powder compact extrusion (PCE). It is found that, PM Ti3Al2V and Ti5Fe alloy processed by PCE or PCF followed by recrystallization annealing (RA) achieved tensile properties comparable with wrought Ti6Al4V alloy. Tensile properties such as yield strength (YS) of 910MPa, UTS of 1010MPa and 15% elongation to fracture for Ti3Al2V alloy are reported. Ti5Fe alloy gives YS and UTS of 870MPa and 968MPa respectively, combined with 20.3% elongation to fracture. The tensile results are related to the microstructure developed during the consolidation processes. The oxygen contamination as a result of the high temperature processing is also reported.