The phase, microstructure and absorption/desorption properties of V28Ti32Cr28Mn6Fe6 alloy prepared from FeV80 alloy were researched by XRD, SEM/EDS and PCT measurement. The prepared alloy consists of two phases, bcc main phase and C14 Laves minor phase. This alloy shows low absorption/desorption capacities and poor absorption kinetics due to the high oxygen content of 0.83wt% originated from the FeV80 source. After addition of rare-earth metal of La, the oxygen content is obviously decreased, and the mechanical properties and absorption/desorption capacities are markedly increased. The addition of 4.0wt% La brings about the optimal hydrogen absorption and desorption properties, i.e. an absorption capacity of 3.62wt% H and desorption capacity of 2.13wt% H at 293 K. The formation enthalpy of the hydride of the 4.0wt% La containing alloy is –40.0±1 kJ/mol·H2.