In this paper, we present a statistic thermodynamic model quantitatively describing the pressurecomposition-isotherms (PCI) curve, which consists of hydrogen storage capacity, temperature, and equilibrium pressure in the hydriding and dehydriding (H/D) reactions, and a theoretical kinetic model to clarify the H/D kinetic mechanism of hydrogen storage alloys. The results of the calculations are well agreed with the experiments performed with La 20.5 MgNi 78.5 and La1 5.5 Mg 6 Ni 78.5 alloys, their maximum hydrogen storage capacities and the hydride formation enthalpies at 303~333 K are 1.41 wt.% H 2 and -31.64 kJ/mol H 2 for La 20.5 MgNi 78.5 and 1.31 wt.% H 2 and -27.23 kJ/mol H 2 for La1 5.5 Mg 6 Ni 78.5 , respectively. A new diffusion kinetic model is proposed with the consideration of Pilling-Bedworth Ratio, i.e. hydrogen-induced volume change used for studying the hydrogen absorption reaction kinetics. The activation energies are calculated to be 31.25 kJ/mol H 2 for La 20.5 MgNi 78.5 and 24.24 kJ/mol H 2 for La1 5.5 Mg 6 Ni 78.5 , respectively.