Titanium alloy, Ti-6Al-4V, was plasma nitrided using RF plasma with 100% N at 800 °C and annealed at 850 °C in vacuum. XRD and XPS studies show the formation of titanium nitrides after nitriding and redistribution of nitrogen after annealing. Potentiodynamic polarization and electrochemical impedance spectroscopy studies in Hank’s solution show that nitriding decreases the corrosion resistance of the substrate and postnitride annealing improves the corrosion resistance of the nitrided samples. After nitriding, wear rate has decreased by an order of magnitude in reciprocating wear experiments and decreased further in annealed samples in comparison with that of substrate. Thus, postnitride annealing improves both corrosion and wear resistance of the nitrided sample. These improvements are attributed to redistribution of nitrogen and formation of a thin oxide layer on the sample due to annealing.