A primary challenge associated with TiAl alloys is their low ductility at room temperature. One approach to overcome this flaw is attaining ultrafine grains in the alloy’s final microstructure. The powder metallurgy (PM) processing route favours the synthesising of ultrafine grains in TiAl alloys. This paper features the mechanical alloying (MA) process and rapid consolidation through the spark plasma sintering (SPS) technique, which comprises the PM process. Furthermore, a second approach discussed covers microalloying TiAl alloys. An evaluation of the influence of high oxygen content is also presented, including the formation of α-Al2O3. A section of the review delves into the dynamic recrystallisation mechanisms involved in elevated temperature deformation of TiAl alloys. The final section highlights the efficacy of ternary element additions to TiAl alloys against oxidation.