The invention discloses an A<5>B<19> type hydrogen storage alloy, a negative electrode and a preparation method. The composition formula of the hydrogen storage alloy is REGd<v>Ni<w-a-b-c>MnAlM<c>, RE is selected from one or more of rare earth metal elements except Gd, M is selected from one or more of Zn, V, W, Cu, Fe, Sn, Cr, Mo and Si elements, u, v, w, a, b and c represent mole fractions of all the elements correspondingly, u is larger than 0, v is larger than 0.1, u plus v is 3, w is less than 13 and larger than or equal to 11, a plus b is less than or equal to 4 and larger than0, c is less than or equal to 2 and larger than or equal to 0. According to the alloy and the method, the maximum discharge capacity of the hydrogen storage alloy is improved, and the service life ofthe hydrogen storage alloy is prolonged.