Bimetallic niobium vanadium hydride nanoparticles (NbVH NPs) anchored on Ti3C2 were synthesized using a facile ball milling method as an effective catalyst for the dehydrogenation kinetics and reversibility of Mg(BH4)2. It was found that the onset dehydrogenation temperature of the Mg(BH4)2 + 30NbVH NPs@Ti3C2 composite was 105.7 °C and released 9.07 wt% of hydrogen at 330 °C, while undoped Mg(BH4)2 only released 4.2 wt% of H2 from 248 °C to 330 °C. Additionally, the Mg(BH4)2 + 30NbVH NPs@Ti3C2 composite achieved remarkable hydrogen release of over 9.44 wt% at a temperature as low as 230 °C, indicating unexpected dehydrogenation kinetics. In the reversible hydrogen desorption tests, Mg(BH4)2 + 30NbVH NPs@Ti3C2 released 5.98 wt% of H2 in the 2nd cycle at 250 °C and maintained a reversible capacity of 4.35 wt% after 10 cycles, demonstrating a remarkable enhancement in reversibility. The enhancement in the dehydrogenation kinetics of Mg(BH4)2 could be attributed to the greatly reduced activation energies from 343 kJ·mol−1 and 138.3 kJ·mol−1 to 103.7 kJ·mol−1 and 124 kJ·mol−1. Investigations on the evaluation of catalyst and Mg(BH4)2 during reversible hydrogen storage have revealed that NbVH NPs actually acted as a “bidirectional hydrogen pump”, facilitating both the hydrogen release and uptake from Mg(BH4)2. This strategy of multi-component hydrides may show a new way to design effective catalysts for solid-state hydrogen storage materials.