A comparative investigation of mechanical properties of Ti–6Al–4V titanium alloy with coarse-grained (400 m), microcrystalline (10 µm) and submicrocrystalline (0.4 µm) structures in the temperature range 20–500°C has been carried out. The submicrocrystalline structure was obtained by multiaxial isothermal forging. The alloys with the coarse-grained and microcrystalline structures were used in a heat-strengthened condition. The microstructure refinement increases both the strength and fatigue limit of the alloy at room temperature by about 20%. The strength of the submicrocrystalline alloy is higher than that of the microcrystalline alloy in the range 20 - 400°C. Long-term strength of the submicrocrystalline specimens below 300°C is also considerably higher than that of the other conditions. However, the creep strength of the submicrocrystalline alloy is slightly lower than that of the heat-strengthened microcrystalline alloy already at 250°C. The impact toughness in submicrocrystalline state is lower especially in the samples with introduced cracks. Additional surface modification of submicrocrystalline alloy by ion implantation gives a considerable increase in the fatigue limit. Advantages of practical application of submicrocrystalline titanium alloys produced by multiaxial isothermal forging have been evaluated.