Abstract: Powder hot isostatic pressing (HIP) is an effective method to achieve near-net-shape manufacturing of high-quality complex thin-walled titanium alloy parts, and it has received extensive attention in recent years. However, there are few reports about the microstructure characteristics on the strengthening and toughening mechanisms of powder hot isostatic pressed (HIPed) titanium alloys. Therefore, TA15 powder was prepared into alloy by HIP approach, which was used to explore the microstructure characteristics at different HIP temperatures and the corresponding tensile properties and fracture toughness. Results show that the fabricated alloy has a “basket-like structure” when the HIP temperature is below 950°C, consisting of lath clusters and surrounding small equiaxed grains belts. When the HIP temperature is higher than 950°C, the microstructure gradually transforms into the Widmanstatten structure, accompanied by a significant increase in grain size. The tensile strength and elongation are reduced from 948 MPa and 17.3% for the 910°C specimen to 861 MPa and 10% for the 970°C specimen. The corresponding tensile fracture mode changes from transcrystalline plastic fracture to mixed fracture including intercrystalline cleavage. The fracture toughness of the specimens increases from 82.64 MPa·m^1/2 for the 910°C specimen to 140.18 MPa·m^1/2 for the 970°C specimen. Specimens below 950°C tend to form holes due to the prior particle boundaries (PPBs), which is not conducive to toughening. Specimens above 950°C have high fracture toughness due to the crack deflection, crack branching, and shear plastic deformation of the Widmanstatten structure. This study provides a valid reference for the development of powder HIPed titanium alloy.