TC4 alpha+beta two-phase titanium alloy has excellent comprehensive properties. This study aims to provide low-cost highly-protective TC4 titanium alloy for armor protection applications. Electron beam (EB) cold bed furnace melting + vacuum arc remelting (VAR) process is used to reduce the production and preparation cost of TC4. The microstructure of the target plate is regulated by two kind of heat treatment processes, and the protective performance, microstructure of the bullet crater, and failure analysis of the target plate with different microstructures and thicknesses are tested, to determine the optimal heat treatment process for obtaining excellent protective performance of the TC4 alloy target plate. The results show that the EB+VAR melting process achieves a cost reduction of about 20% to 30% while ensuring high homogeneity of TC4 ingots; through high toughness hot processing technology: billet rolling at Tβ+30 ℃ single-phase zone, followed by two fire rolling at Tβ-15 ℃ high-temperature point of two-phase zone, and then annealing at 800 ℃ for 1 hour+air cooling, a dual state microstructure is obtained. This dual microstructure state has the best protective performance for TC4 target plate.