TiV1.1Mn0.9Ni0.5-ZrCr2 composite electrode alloy was prepared by two-step re-melting. Results of XRD, EDS, ICP and EIS analyses show that the composite alloy is of two-phase structure which is the same as that of the matrix alloy, whereas the characteristic parameters of the two phases in the composite alloy and the thermodynamic characteristics of the alloy electrode change a lot. Synergetic effect appears distinctly during the composite process of the compositive alloys. The maximum discharge capacity of the composite alloy electrode reaches to 457.2 mAh/g. The dynamic characteristics such as the cyclic durability, the charge retention and high-rate discharging are notably improved. The high-rate dischargeability is controlled by both the charge-transfer reaction of hydrogen at the electrode/electrolyte interface and the hydrogen diffusion in the bulk of the alloy at discharge current density of 1000 mA/g