To obtain an alloy material having a large hydrogen storage capacity and excellent in shape retention by mixing a Zr-V alloy powder contg. Zr of a specified ratio with inevitable impurities and Ni powder contg. inevitable impurities in a specified ratio.

Zr and V are blended, and this blend is melted and solidified to produce a Zr-V alloy contg. 50 to 95 wt.% Zr with inevitable impurities, which is subjected to hydropulverizing and is classified to obtain Zr-V alloy powder of about ≤150 μm particle size. This Zr-V alloy powder of 65 to 75 wt.% and 25 to 35 wt.% Ni powder contg. inevitable impurities as a buffering material are mixed, to which about 0.05 to 1.0 wt.% zinc stearate as a lubricating material and about 1 to 5 wt.% polytetrafluoroethylene as a binding material are added and mixed, and this mixture is subjected to press molding. This molded body is put into a heat treating furnace in a vacuum or in an inert gas atmosphere and is sintered at a prescribed temp. for a prescribed time, and the polytetrafluoroethylene and zinc stearate are evaporated away, by which the hydrogen occluding material is produced.