The present invention relates to preparation for hydrogen storage alloy electrode material and its application. Said invention selects binary alloy MN3 (in which M=M0 and W; N = Co and Ni), and compounds it respectively with rare earth series hydrogen storage alloy, nickel titante series hydrogen storage alloy or zirconium series hydrogen storage alloy to obtain the invented hydrogen storage alloy electrode material in which the weight of said binary alloy is 1.0%-20.0% of that of said hydrogen storage alloy. It utilizes the good catalytic property of binary alloy MN3 to raise the electrochemical reaction activity and hydrogen-oxygen compounding power of the electrode, and the compounded hydrogen storage alloy electrode is rapid in activation, high in capacity, and possesses obviously improved discharge property with high multiplying power and reduced electrochemical reaction impedance value.