Sintered Ti–6Al–4V compacts prepared from TiH2/60Al40V powder blends were subjected to hot rolling and heat treatment under various conditions. The microstructural evolution and mechanical properties were investigated by X-ray diffraction, scanning electron microscopy, optical microscopy, electron backscatter diffraction, transmission electron microscopy, and universal testing. The hot-rolled Ti–6Al–4V samples with 88% deformation possessed a near-dense lamellar microstructure with ultrafine α lamellae (less than 1 μm). Systematic investigation of the heat treatment temperature and isothermal holding time enabled the evolution of a bimodal microstructure with precipitation of a secondary α phase, ultimately affording an excellent combination of strength and ductility: the yield strength and ultimate tensile strength reached 1248 and 1269 MPa, respectively, with an elongation to fracture of 16.05%.