We have investigated different modes of quenching and aging on the microstructure and mechanical properties of the titanium alloy VT23. It is shown that the best combination of mechanical properties of the alloy is obtained after thermal treatment in the following regime: quenching from 850 °C with 1 hour exposure and cooling in water, followed by aging at 550°C for 10 hours. Such thermal treatment allows to obtain a homogeneous globular (a + b) -structure in the alloy and achieve a combination of mechanical properties providing high strength, fluidity, toughness, and hence relaxation resistance, combined with sufficient ductility and fracture toughness.