La0.8-xCe0.2YxMgNi3.4Co0.4Al0.1 (x = 0–0.2) alloys were synthesized by melt spinning. Structures of the as-cast and spun alloys were characterized by XRD and TEM. Effects of spinning rate and Y content on electrochemical kinetics and life-span were investigated. Mechanism of the improvement of electrochemical kinetics was investigated. Mechanism of the improvement of life-span was investigated.