An electrode alloy powder includes a hydrogen storage alloy and magnetic material clusters. The hydrogen storage alloy contains 20 to 70 wt % of Ni. The magnetic material clusters contain metal nickel, and have an average cluster size of 8 to 10 nm. A method for producing the electrode alloy powder includes an activation step of allowing a raw material powder including a hydrogen storage alloy to be in contact with an aqueous solution containing A wt % of sodium hydroxide and held at 100° C. or greater for B minutes. A and B satisfy 2410≦A×B≦2800.