By the method of X-ray photoelectron spectroscopy, it is shown that, as a result of oxidation of the Zr–Mn–Ni–Cr–V alloy powder in air for 15 days, the most pronounced changes are observed in the spectrum of Ni2 p -electrons recorded on the surface of alloy in the charge state of Ni2+ and Ni0 in almost equal proportions. In this case, the relative intensity of the spectra of inner electrons of zirconium, nickel, manganese, and chromium decreases and, parallel with Cr0, Ni0 , and Mn0 , we reveal a certain amount of their atoms in the degree of oxidations M2+ (M = Cr, Ni, Mn). By the method of X-ray diffractometry, it was discovered that, after holding of an ingot of alloy in air for 5–6 months, as well as after the oxidation of alloy powder for 15 days, the phase composition remains unchanged. In this case, the electrode compressed from the alloy powder oxidized for 7 days is more resistant under cyclic loads.