The effects on the electrochemical properties of AB5-type hydrogen storage alloys for Ni-MH batteries of adding elements to the A-side and the B-side are described. Advances in the worldwide development of low-Co or Co-free hydrogen storage alloys are reviewed. Considered are: component design, preparation technique, heat treatment and surface treatment. Prospects for the further development of low-cost hydrogen storage alloys and Ni-MH battery for electric vehicles (EVs) power are discussed.