A new self-made additive of amidocyanogen-acetic salt was used in wet ball-grind technique (WBGT) for preparing hydrogen storage alloys, and the effect on the electrochemical performance of the alloy electrode was investigated in detail. It was found that the prepared electrode had perfect electrochemical performances, such as rapid activation, high capability, high-rate discharge (HRD) ability, and good stability. The first discharge capacitance at 0.2 C (throughout this study, n C rate means that the rated capacity of a hydrogen storage alloy (full capacity) is charged or discharged completely in 1/n h) reached 278 mAh·g −1 and the discharge capacitance reached the maximum of 322 mAh·g −1 only after two charge-discharge cycles. For the dry method, wet method, and WBGT, the high rate discharge (HRD) values (C 5 C /C 0.2 C ratio) were approximately 0.59, 0.76, and 0.83, respectively. The stable discharge capacity at 3 C increased from 275 mAh·g −1 (dry method) to 295 mAh·g −1 (WBGT).