A hydrogen-absorbing alloy electrode is prepared by reducing an oxide or hydroxide residing on the surface of a hydrogen-absorbing alloy particle while the alloy particle is held in an atmosphere of a hydrogen gas maintained at a temperature where absorbing of a hydrogen gas does not substantially occur; cooling the atmosphere from a temperature where absorbing of the hydrogen gas does not substantially occur to a temperature where the equilibrium hydrogen pressure of the hyrogen-absorbing alloy is equal to the hydrogen pressure in the atmosphere of the hydrogen gas and thereafter vacuum-evacuating and removing the hydrogen gas so that the hydrogen-absorbing alloy particle is cooled to room temperature while the hydrogen gas is exhausted; and thereafter introducing argon, nitrogen or carbon dioxide gas into the atmosphere, thereby returning the atmosphere to normal atmospheric pressure; and immersing the hydrogen-absorbing alloy particle so prepared in a solution containing an oxidation inhibiting agent.

 
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