The field of biomaterials has become a vital area, as these materials can enhance the quality and longevity of human life and the science and technology associated with this field has now led to multi-million dollar business. The paper focuses its attention mainly on titanium-based alloys, even though there exists biomaterials made up of ceramics, polymers and composite materials. The paper discusses the biomechanical compatibility of many metallic materials and it brings out the overall superiority of Ti based alloys, even though it is costlier. As it is well known that a good biomaterial should possess the fundamental properties such as better mechanical and biological compatibility and enhanced wear and corrosion resistance in biological environment, the paper discusses the influence of alloy chemistry, thermomechanical processing and surface condition on these properties. In addition, this paper also discusses in detail the various surface modification techniques to achieve superior biocompatibility, higher wear and corrosion resistance. Overall, an attempt has been made to bring out the current scenario of Ti based materials for biomedical applications.