An alloy having an α′ martensite which is a processing starting structure is hot worked. The alloy is heated at a temperature increase rate of 50 to 800° C./sec, and strain is given at not less than 0.5 by a processing strain rate of from 0.01 to 10/sec in a case of a temperature range of 700 to 800° C., or by a processing strain rate of 0.1 to 10/sec in a case of a temperature range of 800° C. to 1000° C. By generating equiaxial crystals having average crystal particle diameters of less than 1000 nm through the above processes, a titanium alloy having high strength and high fatigue resistant property can be obtained, in which hardness is less than 400 HV, tensile strength is not less than 1200 MPa, and static strength and dynamic strength are superior.