The inherent kinetic limitations and high operating temperatures of magnesium hydride (MgH2) hinder its practical applications. Herein, we report the successful synthesis of a TiO2@MnCo2O4.5 composite transition metal oxide catalyst and investigate its effect on the hydrogen storage performance of MgH2. TiO2@MnCo2O4.5 exhibits exceptional catalytic activity in the hydrogen dissociation and recombination reactions of during absorption and desorption processes, reducing the dehydrogenation activation energy of MgH2 to 75.54 kJ/mol. Notably, the MgH2-6 wt% TiO2@MnCo2O4.5 system releases 6.04 wt% H2 within 30 min at 250 °C, and 4.98 wt% H2 within 120 min at 225 °C. Furthermore, it can absorb 5.08 wt% H2 within 3 min at 150 °C and achieve a hydrogen absorption capacity of 2.02 wt% within 30 min even at 30 °C. The reaction-induced decomposition and phase transformation of TiO2@MnCo2O4.5 create a multiphase, multi-site catalytic environment. The hydrogen storage system based on the coexistence of Mg6MnO8, Mn, Ti2O3, and CoO features abundant diffusion pathways and nucleation sites, playing a critical role in suppressing the energy barriers for MgH2 hydrogen absorption and desorption reactions. These findings provide a meaningful theoretical foundation for the microstructural optimization and performance regulation of Mg-based hydrogen storage materials.