Ti-5Al-4V-0.6Mo-0.4Fe alloy (Ti-54M) is a new alloy developed at TIMET. The alloy exhibits superior machinability in most of machining conditions and strength comparable to that of Ti-6Al-4V. The alloy possesses relatively lower flow stress at elevated temperatures, which is believed to be one of contributors to its superior machinability. The alloy has commercially been produced with Electron Beam Single Melt process for automotive forgings applications. Evaluations of other product forms are currently in progress targeting various applications. Since the beta transus of Ti-54M is lower than Ti-6Al-4V, and the alloy contains iron, a fast diffuser, superplasticity at lower temperature than Ti-6Al-4V is expected. This paper will introduce and discuss superplastic forming capability of Ti-54M sheets produced in a laboratory scale. Effects of strain rate, temperature and microstructure will be discussed.