In this paper, the effect of Fe content on microstructure evolution and mechanical properties of as-cast Ti-xFe-B(x = 1 ~ 5 wt%) alloy was investigated by means of optical microscopy (OM), scanning electron microscopy (SEM), X-ray diffraction (XRD), vickers hardness tester and electronic tensile testing machine. The results show that when the Fe content is below 3 wt%, the structure of as-cast Ti-xFe-B alloy is mainly α lamellar. With the increase of Fe content, the β phase increases significantly, Meanwhile, with increasing Fe content from 1 wt% to 5 wt%, the precipitation of Fe content in compound increase, grain size of α-phase decreased by 56.5%; It is found that mechanical properties of as-cast alloy are significantly improved by the addition of Fe into TiB alloy. With the increase of Fe content, Vickers hardness of as-cast alloy increased by 45.7%, and the tensile strength increased from 502 MPa to 834 MPa. However, the ductility of Ti-xFe-B alloy decreased significantly, reduction rate decreased from 30.4% to 9.5%, elongation at break long rate fell 19.4% to 7.9%. The results show that when the Fe content is in the range of 3 ~ 4 wt%, the alloy can achieve the best match strength and plasticity and greater potential for development.