V-5Cr-5Ti alloy was prepared from vacuum sintering hydrogenation dehydrogenization powder by cold isostatic pressing(CIP). Hot isostatic pressing(HIP), hot forging and heat treatment were subsequently used to improve the microstructure and properties of V-5Cr-5Ti alloy. The phase composition of raw materials and V-5Cr-5Ti alloy was characterized using by XRD．The content of oxygen and nitrogen of V-5Cr-5Ti alloy was tested. Microstructures and mechanical properties of V-5Cr-5Ti alloy were investigated using by OM, SEM and mechanical property tester. The results show that the relative density of the powder metallurgy(PM)V-5Cr-5Ti alloy is as high as 99%. V-5Cr-5Ti alloy consists of single bcc phase vanadium alloy solid solution. The oxygen weight percent of V-5Cr-5Ti alloy annealed after hot forging is less than 600×10-6, the tensile strength is 490 MPa, yield strength is 368 MPa, and the elongation and reduction of area are 28% and 61.5%, respectively. Thefracture morphology is composed of all fine ductile dimples.