The invention provides an iron-based multi-phase environmentally-friendly hydrogen storage material, which is prepared by the following method: the Ti, V, Fe, Zr, Ce and Gd metal raw materials are weighed according to a preset chemical formula; then the Ti, V, Fe, Zr, Ce and Gd metal raw materials are vacuum smelted to obtain the first TiVFe alloy ingots; then perform the first heat treatment for the first TiVFe alloy ingots; after the first heat treatment, the first TiVFe alloy ingots are subjected to the first rolling to obtain the second TiVFe alloy ingots; then the second heat treatment is performed on the second TiVFe alloy ingots; and after the second heat treatment, the second TiVFe alloy ingots are subjected to the second rolling to obtain the third TiVFe alloy ingots; and the third TiVFe alloy ingots are then subjected to a third heat treatment.