The crystal structure and deuterium storage property of Ti36Zr40Ni20Pd4 alloy were investigated by means of X-ray diffraction and a gas-solid reaction system. Results show that before suction-casting, the alloy ingot grows into the MgZn2-typed C14 Laves phase with the coordination number of 14 and the lattice constant of a=0.5287nm, c=0.8610 nm. Through a simple activation treatment, the phase can load largely deuterium up to 10.96 mmol·D2/g·M (D2 represents the deuterium molecule and M the alloy). After one absorption-desorption cycle, the deuterium-uptake speed substantially improves, with the reaction constant reaching to 0.015 s-1. In contrast to the Ti36Zr40Ni20Pd4 quasicrystal, the present Laves phase with the same composition can load deuterium with a lower rate but in a comparable volume, indicating?its promise in storing hydrogen.