The effect of magnesium content on the phase structure and electrochemical properties of Ml1−x Mg x Ni2.78Co0.50Mn0.11Al0.11 (x = 0.05, 0.10, 0.20, 0.30) hydrogen storage alloys was investigated. The results of X-ray diffraction reveal that all the alloys consist of the major phase (La, Mg)Ni3 and the secondary phase LaNi5. With increase in x, the relative content of the (La, Mg)Ni3 phase increases gradually, and the maximum capacity and low temperature dischargeability of the alloy electrodes first increase and then decrease. When x is 0.20, the discharge capacity of the alloy electrode reaches 363 mAh g−1 at 293 K and 216 mAh g−1 at 233 K, respectively. The high rate dischargeability of the alloy electrodes increases with increase in x. When the discharge current density is 1200 mA g−1, the high rate dischargeability of the alloy electrodes increases from 22.0% to 50.4% with x increasing from 0.05 to 0.30. The cycling stability of the electrodes decreases gradually with increase in magnesium content.