A rare earth metal-nickel hydrogen occlusive alloy ingot contains 90 vol % or more of crystals having a crystal grain size of 1 to 50 .mu.m as measured along a short axis of the crystal and 1 to 100 .mu.m as measured along a long axis of the crystal. A method for producing the rare earth metal-nickel hydrogen occlusive alloy ingot involves melting a rare earth metal-nickel alloy and uniformly solidifying the alloy melt to have a thickness of 0.1 to 20 mm under cooling conditions of a cooling rate of 10.degree. to 1000.degree. C./sec and a sub-cooling degree of 10.degree. to 500.degree. C.