In our study, samples of Ti-6Al-4V were subjected to modifications of an aging treatment where temperatures for solution annealing and final aging as well as the cooling rate were varied. The titanium alloy was annealed above and below the β-transus temperature followed by cooling in a vacuum furnace or by water quenching. Additionally, the final annealing temperature was varied. Compression tests under quasistatic and dynamic loading rates were performed to determine the flow stress and strain hardening behavior. Furthermore, instrumented Charpy impact tests on U-notch specimen were performed at room temperature to monitor the load-time response of deformation and fracturing. The obtained high rate mechanical properties are discussed and correlated with the present microstructure. Our results reveal a very strong effect of the microstructure on the material behavior and will assist to choose the appropriate heat treatment technology, especially if impact loaded or safety structures have to be considered.