Recently, researchers has given attention to the low‐cost Ti‐alloys with low Young's modulus for biomedical applications. This can be done by substituting partially or totally the expensive rare metals with the common low‐cost elements. In such a way, the low‐cost Ti‐2Mo‐0.0∼2.0 Fe alloy system is studied. The elastic modulus of the Ti‐2.0Mo alloys containing 0.0∼1.0 Fe is of low value of approximately 80∼85GPa where the a'‐ and a"‐martensite phases are present. In this alloy system, the hardness is relatively high and increases monotonously with increasing the Fe‐content. The corrosion resistance of Ti‐2Mo‐0.5Fe alloy is higher than Ti‐6Al‐4V alloy. The cell viability is also very high (above 100%). Among the studied alloys, Ti‐2.0Mo‐0.5Fe alloy seems to be a candidate alloy for low‐cost bone replacement materials with low Young's modulus and to replace the commercial Ti‐6Al‐4V alloy.