The invention relates to a method for producing high-performance Cr--Ti--V hydrogen storage alloys utilizing a thermit process, whereby residence of adversely affecting impurities is inhibited, addition of not less than 10 at % of Ti as an alloy component is realized, and thermal burden on the crucible used in the method is reduced. The method includes the steps of: (A) providing an alloy material (1) comprising a Cr oxide, a V oxide, and a reducing agent Al, and an alloy material (2) comprising Ti; (B) placing the alloy materials in a crucible for thermit reduction so that the alloy material (1) is placed above the alloy material (2); (C) igniting the alloy material (1) placed in step (B) and melting all metal elements contained in the alloy materials the with heat of the thermit reaction of the alloy material (1); and (D) making the alloy melt obtained in step (C) into an alloy.