Four titanium-iron binary alloys were studied. They were preliminarily annealed in the (α + β) and (α + TiFe) regions of the Ti-Fe phase diagram. The changes in the phase composition, nanohardness, and Young’s modulus of the annealed alloys before and after high pressure torsion (HPT) were investigated. Alloys with high iron content after HPT contain a large fraction of the ω phase. The nanohardness of the material in the middle of the radius of the HPT samples varies in the same range of values between 4.4 and 5.8 GPa, regardless of the preliminary annealing. Young’s modulus is a parameter sensitive to structural and phase changes in the material. After HPT, it increases by a factor of 1.5 after preliminary annealing in the (α + β) region in comparison with that in (α + TiFe) region.