The microstructures of the as-cast and quenched Ti 0 . 5 Zr 0 . 5 Mn 0 . 2 Cr 0 . 5 V 0 . 2 Ni 0 . 9 5 alloy is composed of the C15 main phase and traces of the C14 phase and Zr 7 Ni 1 0 phase. The ratio of the three phases, which could be varied by different quenching rates, influences the electrochemical characteristics of the alloys. An amorphous phase was formed easily in the Ti 0 . 5 Zr 0 . 5 Mn 0 . 2 Cr 0 . 5 V 0 . 2 Ni 0 . 9 5 alloy, a larger quantity of the amorphous phase being formed in the as-quenched alloy. The amorphous phase could significantly enhance the cycle stability of the alloy and strongly decrease the discharge capacity and the activation performance of the alloy. The cycle life of the as-quenched alloy obtained with a quenching rate of 26 m/s is larger than 1000 cycles, which is five to six times as large as that of the as-cast alloy. Its maximum discharge capacity is less than 200 mAh/g, and the alloy could be activated completely in about 180 charge-discharge cycles.