Fine particles of Ti-V alloy were prepared by means of arc method and were investigated on internal structure and phase transformation using HR-TEM and EDS. Martensite phase was observed in a particle containing comparatively low concentration of V, and ω phase was also found to exist in a nearly 15% V particle. The structure of the ω phase in the fine particle is remarkably expanded in comparison with the bulk sample, and the ω phase is unstable, so that it has disappeared in a few seconds during TEM observation.