The microstructure and phase composition of Ti47,5Zr30,2Mn15,5V5Ho2 multiphase alloy and the phase composition of the hydrogenation product were investigated by scanning electron microscopy and X-ray phase analysis. It was established that holmium introduced into the alloy not only dissolves in the phase components of the eutectic, but also forms a new phase (oxide). The formation and further growth of crystals of holmium oxide occurs only on the surface of the crystallites of Laves phase. During the first hydrogenation the active absorption of hydrogen by the alloy occurred only when it was heated up to 520 °C, with hydrogen capacity of 2.62 wt.%. The hydrogenation product obtained after the saturation of the alloy with hydrogen contained a new phase, in addition to the hydrides based on the initial phases. After the sorption-desorption cycle, the alloy was already in the activated state and able to absorb hydrogen at room temperature and low pressure (0.21 MPa) starting from the first seconds of contact with the hydrogen medium.