A process for preparing a hydrogen storage alloy having as the main phase a body-centered cubic structure phase capable of absorbing, storing and releasing hydrogen, which comprises steps: a melting step of melting and homogenizing an alloy having a prescribed element ratio; a heat treatment step of retaining the homogenized alloy at a temperature (T) just under the melting point (Tm) of the alloy for a prescribed period of time; and a quenching step of rapidly cooling the heat-treated alloy.
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