The invention relates to a titanium alloy and the field of forming processes, in particular to titanium alloy with matched high strength and toughness and a preparation process of the titanium alloy. The alloy comprises the following components in percentages by weight: 5.5-6.5% of Al, 1.5-2.5% of Sn, 1.5-2.5% of Zr, 2.5-3.5% of Mo, 0.5-1.5% of Cr, 0.5-1.5% of V, 0.1-0.3% of Fe, 0.1-0.2% of O and the balance of Ti and inevitable impurities. The preparation process of the alloy comprises the following steps: step one, carrying out one-heating-number forging in a beta single-phase region at the temperature of 20-50 DEG C above an alloy phase transformation point, wherein forging deformation is about 40%-80%; step two, forging and forming in an alpha+ beta two-phase region at the temperature of 20-50 DEG C below the alloy phase transformation point, wherein the heating number of forging of the two-phase region is controlled to be 1-3, and the accumulative deformation does not exceed 20%; and step three, carrying out heat treatment in a temperature range of 500-600 DEG C. The titanium alloy can be used for manufacturing various types of products such as rods and wires, plates and forge pieces of high-strength and high-toughness titanium alloy, and is applied to the fields of aviation, aerospace, ships and warships and the like with requirements on structure weight reduction and corrosion resistance.