In a method for producing a multi-component hydrogen storage alloy including metals of zirconium or vanadium, oxides of these metals is used to produce an alloy having characteristics equivalent to that produced with pure metals. It comprises steps of calcining the raw material, wherein at least one selected from the group consisting of zirconium and vanadium is included in its oxide form, at a temperature ranging from 900°C to 1300°C, mixing metal calcium with said calcined raw material, and treating the mixture with heat at a temperature ranging from the melting point of metal calcium to 1300°C, under inert gas atmosphere.