A pancake of Ti-43Al-9V-0.2Y (at.%) alloy with dimensions of ϕ480 mm × 46 mm was fabricated by pack-forging with a thick reduction of 80%. The as-forged Ti-43Al-9V-0.2Y alloy pancake has a duplex (DP) microstructure, which is composed of B2/α₂/γ lamellar colonies and massive B2 and γ phase regions distributed along the boundaries between the lamellar colonies. Different microstructures were obtained by heat treatment of samples cut from the as-forged Ti-43Al-9V-0.2Y alloy pancake. A fully lamellar (FL) structure consisting of B2/α₂/γ lamellar colonies was obtained after the heat treatment of 1350 °C/8 h. Tensile test results exhibited that the yield strength (YS) and ultimate tensile strength (UTS) of the alloy with DP microstructure were decreased from 680.7 MPa to 834.3 MPa at room temperature to 589.5 MPa and 693.1 MPa at 700 °C, respectively, and the elongation (δ) of the alloy with DP microstructure was increased from 1.99% at room temperature to 12.12% at 700 °C; the elongation (δ) of the alloy with FL microstructure was increased from 1.52% at room temperature to 85.84% at 800 °C.