The present invention provides a hydrogen storage alloy electrode made of a pentanary or higher multi-component hydrogen storage alloy or a hydride thereof where the alloy comprises at least Zr, Mn, Cr, Ni, and M where M is one or more elements selected from V an Mo, and a major component of the alloy phase is C.sub.15 (MgCu.sub.2) type Laves phase. This hydrogen storage alloy electrode may be enhanced in its performance by subjecting the alloy after the production thereof to a homogenizing heat-treatment at a temperature of 900.degree. to 1300.degree. C. in vacuum or in an inert gaseous atmosphere.