Low-cost and high-performance are main research directions of structural titanium alloys. In this study, a two-phase structural Ti-5Al-3Mo-2Fe alloy was designed and prepared through elemental powder metallurgy (P/M) process, including cold isostatic processing, vacuum sintering, hot rolling and heat treatment. Results indicate that the P/M Ti-5Al-3Mo-2Fe alloy has a multi-phase microstructure with equiaxial primary phase, needlelike secondary phase and retained phase. The room-temperature yield and ultimate strength reach to 1303MPa and 1422MPa, respectively, with a balanced elongation of 8.5%. At 400 degrees C, the alloy still has a high yield strength, ultimate strength and elongation of 850MPa, 935MPa and 17%, respectively. The Ti-5Al-3Mo-2Fe alloy was successfully processed into intake valves of automobile engine, which passed the engine test and meet the serving requirement.