A BCC type hydrogen-absorbing alloy, which uses a ferroalloy, is advantageous from the aspect of the production cost and exhibits excellent hydrogen absorption and desorption characteristics due to a fine structure constituted by spinodal decomposition even when the iron component is increased. The hydrogen-absorbing alloy is expressed by the general formula AxVayBz, where A is at least one of Ti and Zr, Va is at least one member of the Group Va elements of the Periodic Table consisting of V, Nb and Ta, and B contains at least Fe and is at least one member selected from the group consisting of Cr, Mn, Co, Ni, Cu, Al, Mo and W, each of x, y and z satisfies the relation, in terms of of the atomic number ratio, 0≦x≦70, 0≦y≦50, x+y+z=100, and x/z=0.25 to 2.0, the phase of the body-centered cubic structure is at least 50% in terms of the phase fraction and its lattice constant is at least 0.2950 nm but not greater than 0.3100 nm.