Titanium and its alloys are finding increasing application on U.S. Navy surface ships and submarines. The physical, mechanical, and corrosion properties of titanium favorably impact current U.S. Navy ship design requirements for increased reliability with reduced maintenance and weight. The Naval Surface Warfare Center, in cooperation with Titanium Metals Corporation, developed the Ti-5Al-1Sn-1Zr-1V-0.8Mo (Ti-5111) alloy as a high-strength, lower cost alternative to previous titanium alloys. This paper describes the microstructure developed in Ti-5111 wrought and cast plates as a function of various heat treatments. The effects of time and temperature on the microstructural evolution in this near-alpha alloy are assessed, as well as the resulting microstructure’s influence on the corresponding tensile strength and ductility, as well as impact toughness. Additionally, current and future candidate applications for this alloy are presented.