In this work, the low-density short-term pulse current assisted aging treatment was used for the Ti-6Al-4V-0.5Mo-0.5Zr alloy with different solution treatment. The results showed that numerous αp phase re-dissolve to new β phase during pulse current assisted aging, and then mainly transform to βt region or occasionally transition to new αp phase, leading to a pronounced grain refinement, especially for lamellar αs phase. In comparison to conventional aging, the significantly enhance of the strength without sacrifice of ductility achieved good combination of yield strength of 932 MPa, tensile strength of 1042 MPa and elongation of 12.2%. It is primarily ascribed to the increase of fraction of βt region, the obvious grain refinement effect, and slip block effect from the multiple variant αs colonies within βt regions. This study presents a feasible industrial heat treatment strategy for solving conflicting strength and ductility problems of α+β high strength titanium alloys.