Microstructural refinement is an essential step in the shape-forming of titanium alloy components for obtaining an optimal balance of strength-ductility-damage tolerance. Conventionally, this is achieved by extensive mechanical working at high temperatures for several hours to breakdown the coarse as-cast microstructure as well as to convert the lamellar morphology into equiaxed during billet conversion. In this paper, we describe a novel method for titanium alloy microstructural refinement by the addition of boron. Boron modification causes in situ formation of fine titanium boride precipitates, which not only restrict the grain growth at high temperatures but also assist in the nucleation and growth of fine equiaxed grains. Several titanium alloys containing varying levels of boron were prepared and the minimum amount of boron required for achieving microstructural refinement is established. The influence of boride precipitates on the kinetics of beta to alpha phase transformation reaction will be discussed. The ability to obtain microstructural refinement by boron addition enables reduction or elimination of several lengthy processing steps typically required during conventional ingot breakdown and billet conversion operations, thus significantly reducing the lead-time and improving the affordability of wrought titanium alloy products. In addition to the microstructural refinement, improvements in mechanical properties obtained at room as well as elevated temperatures due to boron modification will be presented.