This study proposes a high-yield strength and high-toughness transformation-induced plasticity (TRIP) titanium alloy design strategy, utilizing deformation-induced metastable β-phase and localized TRIP effects, while optimizing its fabrication through a short-process thermomechanical treatment. The results show that rolling-induced metastable β-phase can undergo localized TRIP effects during plastic deformation, significantly enhancing the yield strength (1250 MPa) of the alloy and avoiding the issue of yield strength drop in traditional TRIP titanium alloys caused by large-scale SIM (stress-induced martensitic transformation). Furthermore, SIM-dislocation interactions provide a dynamic strengthening mechanism, enabling the alloy to achieve high strength while maintaining excellent strength-ductility synergy. Meanwhile, a short-process fabrication route combining solution treatment and deformation-induced β-phase stability tuning eliminates the aging treatment required in conventional titanium alloys, significantly reducing manufacturing costs while enhancing feasibility for large-scale industrial applications. This design strategy, which leverages deformation-induced metastable structures and localized TRIP effects, achieves ideal mechanical properties, offering new insights for the development of high-strength and high-toughness materials.