The invention discloses a near-alpha titanium alloy with high dynamic performance. The near-alpha titanium alloy is composed of, by mass percent, 5.0%-6.8% of Al, 1.5%-2.4% of Zr, 1.0%-1.9% of Mo, 1.5%-2.5% of V, 0.05%-0.30% of Fe, 0.05%-0.14% of O, and the balance Ti. The sum of the mass percents of the components is 100%. The invention further discloses a preparation method of the titanium alloy. The as-cast structure of a large cast ingot is refined and the microcosmic uniformity of cast ingot components is improved through a purification and high-homogeneity smelting method; and meanwhile, as the content of Al and the content of O are controlled, it is guaranteed that the WSTi6211F titanium alloy has enough strength, the plasticity and the toughness of the WSTi6211F titanium alloy are greatly improved, and the purpose of improving the dynamic performance of the titanium alloy is achieved in combination with a high-temperature homogenizing treatment and cyclic forging process.