After coating a hydrogen absorbing alloy slurry obtained by kneading a hydrogen absorbing alloy powder 12a, a polyethylene oxide (PEO) powder as a binder 12b, and a suitable amount of water (a solvent for binder) to both surfaces of a metal core plate (active material holder) made of a punching metal, the core plate is dried. Then, after removing the active material layer 13 from the core plate 11 by a means such as cutting and the like, a definite amount of water (a solvent for binder) is sprayed to the cut surface (the exposed surface of the core plate 11) to attach the water to the cur surface followed by drying to provide a hydrogen absorbing alloy electrode 10, which is disposed at the outermost side of the electrode group.