Y2O3 was added to β-type Ti-29Nb-13Ta-4.6Zr (TNTZ) in order to achieve excellent mechanical performance and low Young’s modulus. TNTZ specimens with 0.05%–1.0% Y are all found to be composed of a β phase. Young’s moduli of TNTZ with 0.05–1.0% Y are all maintained low, and are almost the same as that of TNTZ without Y2O3. The grain size of TNTZ with 0.05%–1.0% Y is smaller than that of TNTZ without Y2O3. Moreover, Y2O3 precipitates can prevent the texture movement, and this effect becomes more obvious with an increase in the Y concentration. The tensile strength of TNTZ is successfully improved by adding Y2O3. TNTZ specimens with 0.2% and 1.0% Y exhibit good balance between the tensile strength and the elongation.