Fe1.5Ti0.5O3±δ epitaxial thin films have been grown on α-Al2O3 (0001) substrates by pulsed laser deposition technique. The samples are both ferrimagnetic and semiconducting beyond room temperature. Oxygen pressure (PO2) during the deposition appears to be a critical parameter in promoting high temperature long range magnetic order and semiconducting properties. For all oxygen pressures, Fe1.5Ti0.5O3±δ thin films are single phase with twin epitaxy. High dc conductivity and low magnetization are obtained at low PO2, whereas high saturation magnetization and low conductivity stand for high PO2. Oxygen vacancies and/or change of iron valence state are pointed out to be responsible of these properties. Superexchange mechanism via oxygen bonds seems rather to dominate the magnetic properties especially for high PO2, whereas for low PO2 a double exchange mechanism might occur. Fe1.5Ti0.5O3±δ appears thus to be an interesting material for high temperature spintronics applications.