The results of the forging process in open dies of the powder metallurgy (PM) Ti–6Al–4V alloy, carried out at the temperature above β-transus and at a high strain rate were presented. As an initial material for the research relatively cheap elemental powders were used. This approach gives a real chance for the implementation of the developed technologies. As the range of phase transition temperature in titanium alloys is influenced also by the technology of their production, the β-transus temperature was estimated for the PM Ti–6Al–4V alloy. Finite element method (FEM) numerical analysis of the forging process at the temperature of 1000 °C and high strain rate was performed. The results obtained by the FEM modeling were verified under industrial conditions. The forging trials were made at the temperature of 1000 °C on a screw press operating at a speed of 250 mm s⁻¹. For comparison, the alloy was also studied in as-cast and hot-rolled conditions, which is widely used as a feedstock. The influence of the method of manufacturing feedstock on the microstructure and selected properties of the forgings was determined. This approach allowed for a qualitative assessment of the PM material. The forging process in open dies of two different feedstocks led to the production of forgings with a uniform and similar lamellar microstructure. Thus, it was shown that the heating conditions, the parameters of the forging process, and the method of cooling the product after forging have a decisive influence on the microstructure condition of the forgings shaped in the temperature range of the β phase.