Abstract: The invention provides a hydrogen absorbing alloy electrode obtained by the step P1 of preparing a hydrogen absorbing alloy powder containing cobalt and nickel, the step P2 of subjecting the surfaces of the alloy particles to a reduction treatment with high-temperature hydrogen by holding the powder in a high-temperature hydrogen atmosphere under the conditions of temperature, pressure and time sufficient to reduce oxides formed in a surface layer portion of each of the alloy particles, not melting the alloy particles and not permitting the alloy particles to absorb hydrogen, the step P3 of treating the resulting powder with an acid or alkali by immersing the powder in an acid or alkaline aqueous solution, followed by suction filtration, washing with water and drying, and the step P4 of applying the resulting power to an electrically conductive substrate and shaping the substrate in the form of the electrode. The electrode thus provided has higher activity than conventionally.