This article explains development of high strength and lightweight Ti6Al4V5Cr alloy by μ-plasma powder additive manufacturing (μ-PPAM) process for automotive, aerospace, military, dies and moulds, and other similar applications. Microstructure, formation of phases, porosity, microhardness, tensile properties, abrasion resistance, and fracture toughness of multi-layer deposition of Ti6Al4V5Cr alloy are studied and compared with Ti6Al4V alloy. Results reveal that the presence of chromium in Ti6Al4V5Cr alloy refined the grains of its β-Ti and α-Ti phases, increased volume % of β-Ti phase, and promoted formation of its equiaxed grains. It also increased tensile strength, microhardness, abrasion resistance, and fracture toughness of Ti6Al4V5Cr alloy. It enhanced solid solution strengthening and formed higher hardness imparting intermetallic Cr2Ti phase and changed fracture mode to mixed ductile and brittle mode with larger size dimples, cleavage facets, and micropores. But it decreased formation temperature of β-Ti phase and % elongation as compared to Ti6Al4V alloy. Chromium and vanadium content in β-Ti phase of Ti6Al4V5Cr alloy is 7 % and 2.1 % more than its α-Ti phase. This study demonstrates that inclusion of limited amount of chromium content to Ti6Al4V5Cr alloy by μ-PPAM process is very beneficial to enhance microstructure, mechanical properties, crack propagation resistance, and abrasive wear resistance of the Ti6Al4V5Cr alloy. It makes Ti6Al4V5Cr alloy very useful in many commercial applications that require higher strength than Ti6Al4V alloy along with lightweight requirement.