A method is provided for improving the machinability of a titanium alloy includes heating the alloy at a temperature and time period that imparts to the alloy a microstructure having between about 10 and 15 vol. % alpha phase in a beta phase matrix. According to one embodiment, the alloy is thereafter annealed at a temperature lower than the temperature for the initial heating step, and for a duration that is longer than the time period for the initial heating step.