In order to improve the hydrogen storage properties and reduce the cost of Ti-V-based BCC alloys, the effect of Fe substitution for part V on hydrogen absorption-desorption characteristics of Ti-10Cr-18Mn-32V alloy was investigated. It was found that proper amount of Fe addition was effective in improving the activation performance, enhancing the hydrogen absorption-desorption plateau pressure, reducing the hysteresis of hydrogen absorption-desorption plateau, increasing the hydrogen desorption capacity and decreasing the alloy's cost, while it depressed the hydrogen absorption capacity. X-ray diffraction (XRD) patterns and back scattering electron (BSE) images display that the single BCC phase of Fe-free alloy transformed into two phases of, BCC and C14 Laves, of Fe-containing alloy. Three phase transformations happened in the two alloys during the hydrogen release process, which resulted from the formation of three different hydride phases in the two hydrided alloys.