Titanium alloys have been considered as unique materials for many years. Even their microstructure and operational properties have been well known and described in details, the new technologies introduced—e.g., 3D printing—have restored the need for further research in this area. It is understood that martensitic transformation is usually applied in heat treatment of hardenable alloys (e.g., Fe alloys), but in the case of titanium alloys, it also occurs during the thermomechanical processing or advanced additive manufacturing. The paper summarizes previous knowledge on martensite formation and decomposition processes in two-phase titanium alloys. It emphasizes their important role in microstructure development during conventional and modern industrial processing.