Titanium and some of its alloys have received considerable attention for biomedical applications in recent years due to their excellent biocompatibility, high corrosion resistance and relatively low elastic modulus when compared to other metallic implant materials such as Co-Cr alloys and stainless steels. However, these alloys can still suffer from inadequate biocompatibility; lack of biological fixation and biomechanical mismatch with the properties of bone in vivo. In this study, a new biocompatible Ti alloy, Ti4Ta4Sn, consisting of alpha and beta phases was fabricated and their mechanical properties were investigated. Moreover, the Ti alloy was scaffolded into a porous structure using powder metallurgy with an architecture and elastic modulus mimicking those of cancellous bone. Cell culture results indicated that the new porous Ti alloy scaffold possesses excellent in vitro biocompatibility.