Ti12LC low cost titanium alloys (Ti-4.5Al-1.5Fe-6.8Mo) were prepared by molten salt electrolysis with the mixed oxides as raw materials, and the electrolysis process was studied. The CaTiO3 and low valence oxide Ti6O, Ti2O and Ca2Al2O5 were formed firstly during the reaction. With the deoxy time increasing, the content of low valence titanium oxides increases, followed by appearing of the metal molybdenum. The final electrolytic product is the Ti12LC. The molybdenum is reduced prior to Ti and Al, because the theoretic reduction voltage of MoO2 is lower than that of TiO2 and Al2O3. The molybdenum can dissolve infinitely in b-Ti so the molybdenum exists in Ti in the form of solid solution. Although the theoretic reduction voltage of Fe2O3 is lower, the iron is not detected due to the low content. The surface of electrolytic product was analyzed by BEIs. It is found that the morphology of the electrolytic product is similar to that of Ti12LC titanium alloy