Based on the influence of B-side or A-side elements substitution, non-stoichiometric ratio and preparation methods, the development of low-cost RE-Ni-base AB5-type hydrogen storage alloys was reviewed. Considering the raw materials cost, the chemical composition, and the performance of the low-cost AB5-type alloys, they can be classified as the low-cost-type, the super-low-cost-type and the high-cost-effective-type. It is important and eternal to develop low-cost AB5-type alloys, the sales volume of which takes up more than 50% of the total volume of hydrogen storage alloys in China.