The effects of boron additions in an amount of 0.1–2wt%, thermomechanical processing and heat treatment on microstructure and mechanical properties of a two-phase titanium alloy Ti–6.5Al–3.3Mo–0.3Si alloy have been investigated. Depending on the boron amount, the materials under study were divided into two groups: (1) boron modified alloys containing ~0.1wt% of boron and (2) discontinuously reinforced metal matrix Ti–TiB based composites containing 1.5–2wt% of boron. Boron additions led to formation of TiB whiskers, which were predominantly located along boundaries of prior β-grains and α-colonies resulting in refined as-cast microstructure. Multiple 3D forging at T=650–700°C applied for the boron modified alloys resulted in formation of ultrafine-grained microstructure and intensive breaking of TiB whiskers. Tensile properties of the Ti–6.5Al–3.3Mo–0.3Si–0.2wt% B alloy after multiple 3D forging followed by β-heat treatment were found to be appreciably higher than those of the alloy free of boron after the same processing route that was ascribed to better controlling the β-grain size during β heat treatment. The composite materials were subjected to multiple isothermal 2D forging at T=950°C that provided effective alignment of TiB whiskers while retaining their high aspect ratio. The hot forged composites demonstrated appreciably higher strength, creep resistance in comparison with those of the base alloy without drastic reduction in ductility. The effect of TiB whiskers orientation and morphology on the tensile properties of the composite materials is discussed.