β titanium alloys are widely used in aerospace industry due to their excellent specific strength and corrosion resistance. In particular, mechanical properties of metastable β titanium can efficiently be controlled by various deformation mechanisms such as slip, twinning, and SIM (Stress-Induced Martensite Transformation), making it an ideal material for many industrial applications. In this study, Ti-5Mo-xFe (x=1, 2, 4 wt%) alloy was designed by adding a relatively inexpensive β element to ensure price competitiveness. Additionally, microstructural analysis was conducted using OM, SEM, and XRD, while mechanical properties were evaluated through hardness and compression tests to consider the deformation mechanisms based on the Fe content. SIMT occurred in all three alloys and was influenced by the presence of β_m (metastable beta) and beta stability. As the Fe content decreased, the α'' phase increased due to SIMT occurring within the βm phase, resulting in softening. Conversely, as the Fe content increased, the strength of the alloy increased due to a reduction in α'' formation and the contributions of solid solution strengthening and grain strengthening. Moreover, unlike the other alloys, shear bands were observed only in the fracture of the Ti-5Mo-4Fe alloy, which was attributed to differences in texture and microstructure.