An oxidation resistant, high strength titanium alloy, particularly adapted for use in the manufacture of automotive exhaust system components and other applications requiring oxidation resistance and strength at elevated temperatures. The alloy comprises, in weight percent, iron less than 0.5, or 0.2 to less than 0.5%, oxygen 0.02 to less than 0.15%, silicon 0.15 to 0.6%, and balance titanium. Optional alloying elements are Al, Nb, V, Mo, Sn, Zr, Ni, Cr and Ta, with a total content of less than 1.5.