The invention discloses a magnesium, aluminum, boron and nickel-based hydrogen storage material. The chemical component of the magnesium, aluminum, boron and nickel-based hydrogen storage material is xAl-yB-zNi-(1-x-y-z)Mg, wherein the mass fraction, by weight, of x is larger than or equal to 1% and smaller than or equal to 5%, the mass fraction, by weight, of y is larger than or equal to 0.5% and smaller than or equal to 1%, and the mass fraction, by weight, of z is larger than or equal to 5% and smaller than or equal to 20%. A preparing method for the hydrogen storage material comprises the steps that magnesium powder, nickel powder, boron powder and aluminum powder are evenly mixed according to the composition and pressed into a cylinder with the diameter of 10 mm and the height of 8 mm; and then a cubic press is used for heat preservation and pressure maintaining for 30-60 min at 4-6 GPa and 1200-1800 DEG C; and liquid nitrogen is immediately used for cooling an alloy, and the magnesium, aluminum, boron and nickel-based hydrogen storage material is obtained. The preparing method is simple and short in production period, and the prepared hydrogen storage alloy has the good performance of being short in activation period, high in hydrogen absorbing and desorbing rate and the like.