The present invention relates to a composition of metal-incorporated VSB-5 molecular sieve with nanopores and its preparation method, in particular, to a composition of a metal-incorporated VSB-5 molecular sieve with a framework of VSB-5 molecular sieve comprising nickel, phosphorous, oxygen and metal, which is useful in various fields such as a hydrogen storage material, an optical and electric/electronic material, a sensor, a catalyst, a catalyst supporter and an adsorbent, and its preparation method performed in such a manner that a specific metal component is added in a predetermined mole ratio to a reaction mixture comprised of nickel and phosphorous compounds and the resultant mixture is crystallized in the presence of inorganic or organic base as a pH modifier to yield a metal-incorporated VSB-5 molecular sieves in an economical and efficient manner.