There is provided a hydrogen-absorbing alloy comprising, as a principal phase, at least one kind of phase selected from the group consisting of a first phase having a hexagonal crystal system (excluding a phase having a CaCu.sub.5 type crystal structure) and a second phase having a rhombohedral crystal system, the hydrogen-absorbing alloy having a composition represented by the following general formula (1): R.sub.1-a-b Mg.sub.a T.sub.b Ni.sub.Z-X-Y-.alpha. M1.sub.X M2.sub.Y Mn.sub.60 (1) wherein R is at least one kind of element selected from rare earth elements (which include Y), T is at least one element selected from the group consisting of Ca, Ti, Zr and Hf, M1 is at least one element selected from the group consisting of Co and Fe, M2 is at least one element selected from the group consisting of Al, Ga, Zn, Sn, Cu, Si, B, Nb, W, Mo, V, Cr, Ta, Li, P and S, and the atomic ratios of a, b, X, Y, .alpha. and Z are respectively a number satisfying the conditions of: 0.15.ltoreq.a.ltoreq.0.37, 0.ltoreq.b.ltoreq.0.3, 0.ltoreq.X.ltoreq.1.3, 0.ltoreq.Y.ltoreq.0.5, 0.ltoreq..alpha..ltoreq.0.135, and 2.5.ltoreq.Z.ltoreq.4.2.