Metastable β-Ti alloy Ti-15Mo was prepared by cryogenic ball milling in a slurry of liquid argon. Material remained ductile even at low temperatures, which suppressed particle refinement, but promoted intensive plastic deformation of individual powder particles. Repetitive deformation of powder particles is similar to the multidirectional rolling and resembles bulk severe plastic deformation (SPD) methods. Initial and milled powders were compacted by spark plasma sintering. Sintered milled powder exhibited a refined microstructure with small β-grains and submicrometer sized α-phase precipitates. The microhardness and the yield tensile strength of the milled powder after sintering at 850 °C attained 350 HV and 1200 MPa, respectively. Low ductility of the material can be attributed to high oxygen content originating from the cryogenic milling. This pioneering work shows that cryogenic milling followed by spark plasma sintering is able to produce two-phase β-Ti alloys with refined microstructure and very high strength levels.