Effects of heat treatment on the microstructure of as-cast and as-forged Ti-45Al-5Nb-0.3Y alloy are discussed. The as-cast Ti-45Al-5Nb-0.3Y alloy exhibits a microstructure consisting of fine equiaxed grains which average size is almost 100μm. Phase transformation of as-cast Ti-45Al-5Nb-0.3Y alloy greatly depends upon cooling rate. During furnace cooling, the alloy transform to fully lamellar microstructure. During air cooling, massive transformation predominates. During oil cooling, extremely fine fully lamellar microstructure is formed. During water cooling, ordering α2 phases are primary. Thermo-mechanical treatments, through combined action of hot canned forging and heat treatment, were performed on a Ti-45Al-5Nb-0.3Y alloy to investigate their effect on the microstructure of the alloy. The as-forged Ti-45Al-5Nb-0.3Y alloy is comprised of a large number of dynamic recrystallization (DRX) γ grains, curved and broken lamellae, and a small amount of remnant lamellae. And three different microstructures, duplex (DP), nearly lamellar (NL) and fine fully lamellar (FFL), have been obtained through heat treatment at different temperatures (1320-1370°C), respectively.