This study was conducted to investigate the effects of short-time solution treatment on the cold workability of α+β titanium alloy Ti–6Al–4V. In this treatment, the titanium alloy was heated at 1098–1223 K for 1 s and then water-quenched. The cold workability, such as deep drawability and bendability, was improved through a short-time solution treatment because the yield ratio (yield strength/tensile strength) decreased, while the ductility simultaneously increased. The results of the X-ray diffraction, TEM observation, and selected area electron diffraction suggested that the improvement in the cold workability was the result of stress-induced transformations in both the α′′ martensite phase and the metastable β phase. Furthermore, the short-time aging effect was investigated on the material solution-treated at 1148 K for 1 s and pre-deformed to a 16.7% strain. The results showed that the yield strength recovered and then exceeded the original strength level through short-time aging.