To further improve the mechanical properties of the as-cast 7.5 vol.% TiBw/Ti-6Al-2.5Sn-4Zr-0.7Mo-0.3Si composite, multi-directional forging (MDF) and subsequent heat treatments were carried out to adjust TiB whiskers (TiBw) and matrix characteristics. The effect of various microstructures on the tensile properties and fracture toughness of the composites was analyzed in this paper. After MDF, the TiBw are broken into short rods with a low aspect ratio and display a random distribution. Moreover, distinct microstructures were obtained after thermomechanical processing and different heat treatments. Both room-temperature and high-temperature tensile strength and ductility are improved after thermomechanical processing. By increasing the solution-treatment temperature, the microstructures transform from equiaxed to fully lamellar. A simultaneous improvement of the room-temperature and high-temperature properties is associated with the microstructural changes. In addition, the fracture toughness exhibits an increasing trend as the volume fraction of equiaxial α phases decreases. The lamellar microstructure demonstrates excellent fracture toughness due to deflection of the crack propagation path.