A new low-cost V-free beta titanium alloy, Ti–4.7Mo–4.5Fe (TMF55), was designed based on View the MathML source– View the MathML source electronic parameters for biomedical applications. TMF55 alloy is almost half the raw materials cost of the commercial Ti–6Al–4V alloy. Microstructures, mechanical properties, chemical properties and cytotoxicity assessment of the alloy in different heat treatment conditions were investigated and compared to those of commercial Ti–6Al–4V alloy. The aging treatments increased the strength and hardness and decreased the ductility of the alloy. The Young's modulus and ultimate strength of the as-quenched TMF55 alloy (83 GPa and 974 MPa, respectively) are more compatible than that of Ti–6Al–4V alloy (110 GPa and 900 MPa, respectively) for some biomedical applications. The electrochemical behavior of the alloy was studied using potentiodynamic polarization and electrochemical impedance techniques. The corrosion current densities and the film resistances of the alloy are in the range of 3–4 nA/cm2 and order of 105 Ω cm2, respectively, they are close to those of Ti–6Al–4V alloy. The cell viability is comparable to that of commercial Ti–6Al–4V alloy, making this V-free low-cost alloy is a promising candidate for replacing the commercial Ti–6Al–4V alloy in some biomedical applications.