A new titanium alloy system. Ti-xFe-ySi (x,y=0-4 wt%). was designed and characterized with the point at low cost and high strength for casting applications. Fe improved room and elevated temperature mechanical properties owing to solid solution hardening and beta phase stabilization. Si yielded titanium silicides and Si addition over 1 wt% resulted in poor ductility due to coarse silicide chains at prior beta boundaries. The optimum composition was found to be Ti-4Fe-(0.5-1)Si in the viewpoint of tensile strength and ductility which are comparable to the Ti-6Al-4V. The metal-mould reaction was also examined for Ti-xFe and Ti-xSi binary alloy system. The thickness of surface reaction layer w as not affected significantly with Fe content, while it was decreased with Si content. In the Ti-4Si alloy, no reaction layer was found. The depth of surface hardening layer was about $200mum$ regardless of the mould materials.