A Ti-6Al-4V-1B-0.5Y (wt %) alloy has been prepared by consolidation of the melt-spun alloy fibres. The microstructures of the melt-spun fibre and the consolidated alloy were examined by different techniques. It was found that in the consolidated alloy, titanium boride and yttrium oxide particles have a refined particle size and a uniform distribution in the alpha(+ beta) matrix compared with the microstructure of the same alloy obtained by conventional ingot metallurgy. The boride phase in the consolidated alloy mainly has a needle-shaped morphology and has been identified by electron diffraction to be orthorhombic TiB with a B27 structure, while the yttrium oxide has a cuboidal morphology and has been identified as bcc Y2O3. Detailed TEM examination also revealed that yttriumaddition has a strong influence on the TiB morphology by comparing the microstructures of Ti-GAl-4V-1B alloys with and without yttrium addition. Under similar processing conditions, the TiB phase in the consolidated alloys without yttrium addition mainly has a nearly equiaxed morphology with a finer particle size, while the TiB phase in the consolidated al toy with yttrium addition will mainly have a needle-shaped morphology. This effect of yttrium addition on the TiB morphology has been discussed in terms of heterogeneous nucleation and the reduced undercooling.