β-Ti alloys are widely used in airframe and biomedical applications due to their high ductility, high hardenability, and low elastic modulus. The phase transformations in β-Ti alloys are rather complex due to formation of metastable phases during various thermo-mechanical treatments. One such critical metastable phase, the hexagonal omega (ω) phase, can form in β-Ti alloys under quenching from the high temperature β phase and/or isothermal aging at intermediate temperature. Despite a substantial amount of reported works on the ω phase, there are several critical issues related to the ω formation need to be resolved, e.g. role of alloying elements and oxygen content. Therefore, this dissertation has attempted to provide insights into ω transformation in low misfit (Ti-Mo) and high misfit (Ti-V) binary systems as well as multicomponent (Ti-Nb-Zr-Ta) alloys. The evolution of ω structure, morphology and composition from the early stage (β-solution+quenched) to later stages after prolonged aging are systematically investigated by coupling transmission electron microscopy (TEM), atom probe tomography (APT) and high-energy synchrotron X-ray diffraction techniques. The influence of aging temperature and duration on characteristic of ω phase in Ti-Mo, and Ti-V alloys is addressed in details. It is found that compositional changes during aging can alter the structure, size and morphology of ω precipitates. In low misfit alloys, the ellipsoidal morphology of ω phase was retained during isothermal aging, while in high misfit alloys it changed from ellipsoidal to cuboidal morphology after prolonged aging. Secondly, ω transformation in biomedical Ti-Nb-Zr-Ta alloy is probed in which the micro-hardness was sensitive to microstructural changes. Furthermore, the evolution of oxygen concentration in ω precipitates during various aging conditions in binary Ti-Mo and Ti-V alloys are reported. It has been accepted that interstitial elements such as oxygen can largely alter mechanical behavior and the microstructure of Ti-alloys. Recently, oxygen is intentionally added to some biomedical alloys to improve their performances. However, a careful understanding of the effect of oxygen on ω phase transformation is still lacking in the literature. In this work, the role of oxygen on ω phase formation in biomedical TNTZ alloys is investigated. Although it is traditionally accepted that oxygen suppresses ω transformation, our observations revealed contradictory results during isothermal aging of TNZT alloys. The results of our investigations provide a novel insight into understanding the effect of interstitial elements on metastable phase transformation in β-Ti alloys. It is concluded that depending upon the nature of alloying elements and/or the applied thermo-mechanical treatments, oxygen may play a different role in ω transformations.