The Ml-Mg-Ni-based (Ml= La-rich mixed lanthanide) hydrogen storage alloy Ml0.88Mg0.12Ni3.0Mn0.10Co0.55Al0.10 was prepared by inductive melting. The micro-structure was analyzed by XRD and SEM. The alloy consists mainly of CaCu5-type phase, Ce2Ni7-type phase and Pr5Co19-type phase. The electrochemical measurements show that the maximum discharge capacity is 386mAh/g, 16.3% higher than that of the commercial AB5-type alloy (332mAh/g). At discharge current density of 1100mA/g, high rate dischargeability is 62%, while that of the AB5-type alloy is only 45%. The discharge capacity decreases to 315mAh/g after 300charge/ discharge cycles, 81.5% of the maximum discharge capacity.