To provide a hydrogen storage alloy for an alkaline battery capable of having high performance of power characteristics much more beyond the related-art range, and a production method thereof, as well as an alkaline battery by investigating the constituent ratios of the A2B7-type structure and the A5B19-type structure.The hydrogen storage alloy for an alkaline battery of the present invention includes: an element R selected from the Group IV and the rare earth elements including Y and excluding La; and an element M consisting of at least one of Co, Mn, and Zn. The hydrogen storage alloy is represented by general formula: LaαR1−α−βMgβNiγ−η−εAlηMε (wherein α, β, γ, η, ε satisfy numerical formulae: 0≦α≦0.5, 0.1≦β≦0.2, 3.7≦γ≦3.9, 0.1≦η≦0.3, 0≦ε≦0.2); and the constituent ratio of the A5B19-type structure is 40% or more in the crystal structure thereof.