The effect of the partial substitution of Cr with Fe on the thermodynamic parameters of vanadium-rich Ti16V60Cr24-xFex alloys (x = 0, 4, 8, 12, 16, 20, 24) was investigated. For each composition, a pressure–concentration isotherm (PCI) was registered at 298, 308, and 323 K. The PCI curves revealed a reduction in plateau pressure and a decrease in desorbed hydrogen capacity with an increasing amount of Fe. For all alloys, about 50% or less of the initial hydrogen capacity was desorbed for all chosen temperatures. Entropy (ΔS) and enthalpy (ΔH) values were deducted from corresponding Van’t Hoff plots of the PCI curves: the entropy values ranged from −150 to −57 J/K·mol H2, while the enthalpy values ranged from −44 to −21 kJ/mol H2. They both decreased with an increasing amount of Fe. Plotting ΔS as function of ΔH showed a linear variation that seems to indicate an enthalpy–entropy compensation. Moreover, a quality factor analysis demonstrated that the present relationship between entropy and enthalpy is not of a statistical origin at the 99% confidence level.