TiB short fibers and La2O3 particles reinforced titanium matrix composites (TMCs) were successfully equal-channel angular pressed (ECAPed) at 600 °C–900 °C. The effect of ECAP temperature on the microstructure and mechanical properties of the TMCs was investigated. The results indicated that dislocation tangling formed cell structures in matrix at lower ECAP temperature. In contrast, continuous dynamic recrystallization occurred at higher ECAP temperature, and promoted the formation of numerous new ultrafine grains. The average aspect ratio of TiB short fibers decreased with increasing ECAP temperature, which induced interfacial debonding. The tensile strength of TMCs ECAPed at 800 °C was up to 1128 MPa, which was 18% higher than the as-received composites. Interfacial debonding led TiB short fibers in low aspect ratios disabled to bear load, while the formation of ultrafine grains increased the strength of TMCs. The coupling of these two factors resulted in little effect of ECAP temperature on the tensile strength. However, the elongation of ECAPed TMCs generally decreased due to the loss of strain hardening capacity. Stress concentration tended to occur around the tips of TiB short fibers due to the interfacial debonding and cause crack propagation. It led to the premature fracture and low ductility.