The canned forging pancake of Ti-45Al-5.4V-3.6Nb-0.3Y alloy was prepared, and the microstructure control and properties for various microstructures of as-forged alloy were studied. Three different microstructures, duplex, nearly lamellar and fully lamellar, were obtained through heat treatments. The microstructure evolution was analyzed and tensile properties were measured. The results show that the treated sample with duplex microstructure exhibits the best ductility, and its elongation reaches 1.35%; the alloy with nearly lamellar microstructure has better strength, i.e.yield strength and fracture strength are 605.31 MPa and 665.75 MPa at room temperature, respectively