With the increasing demand for the enhancement of structural properties and performances of a structural entity, lightweight alloys always play a crucial role specifically at room temperature. However, from the high-temperature applications point of view, these alloys (particularly Ti-rich conventional and compositionally complex alloys) show reasonable elevated-temperature strength only up to ~450oC, limiting their usage. To overcome this, we present a novel Ti-rich lightweight compositionally complex alloy (Ti-LCCA, density ≈ 5.3 g/cc), designed by merging a compositionally complex alloy design strategy with lightweight alloy design fundamentals. The as-cast Ti-LCCA shows the presence of dual b.c.c. phases along with remarkable compressive ductility at room temperature. Moreover, the alloy displays excellent yield strength at elevated temperatures (up to 700oC) under uniaxial compressive loading, despite having limited (< 20 at. %) low-cost refractory element additions. Thus, the design of Ti-LCCA opens a new pathway for realizing the next generation of cost-effective lightweight alloys for high-temperature applications.