The invention relates to a preparation method of an RE-Fe-B part hydrogen storage alloy, which is characterized by comprising the following materials: RE contained in the RE-Fe-B part hydrogen storage alloy, a replaced element of the RE, B, a replaced element of the B, an RE-Fe alloy, a B-Fe alloy, a B-Ni alloy, an RE-Fe-B alloy, a LaNi5 type alloy and other preliminary alloys containing composition elements, wherein two or more materials are selected to be prepared according to a chemical composition formula of the RE-Fe-B part hydrogen storage alloy; one of a high-temperature smelting casting method, a high-temperature smelting-quick-quenching method, a high-temperature smelting-gas atomization method and a powder sintering method or a mechanical alloying method is adopted to manufacture the RE-Fe-B part hydrogen storage alloy; and the preparation process needs to be carried out under the protection of inert gas or a vacuum environment. The RE-Fe-B part hydrogen storage alloy is in a multiphase structure and comprises a LaNi5 phase, a La3Ni13B2 phase, a rich Fe or rich Ni phase, and the like. The prepared RE-Fe-B part hydrogen storage alloy has good activation property due to the special composition and structure, large current discharge capability, low-temperature electrochemistry property and charge / discharge or hydriding / dehydriding circulating stability, the maximum discharge capacity of the RE-Fe-B part hydrogen storage alloy can reach 400mAh.g<-1>, and the cost of the RE-Fe-B part hydrogen storage alloy is lower than that of other known hydrogen storage alloys; and in addition, the prepared RE-Fe-B part hydrogen storage alloy is used for battery negative pole materials, gaseous phase hydrogen storage materials and heat pump materials.