Reliable and affordable energy storage represents a bottleneck in a scenario where renewable energy sources become prominent on the energy market. With its high potential energy density and the natural abundance of the element, hydrogen gas is an attractive energy storage medium. But its gaseous nature, its high explosive potential and permeability of gaseous hydrogen through materials pose important limitations on its usability. In this thesis, Mg based nanomaterials with improved potential for applications as hydrogen stores are developed and analyzed. We have addressed the key issues of slow sorption kinetics, high stability and air sensitivity of MgH2 and provided viable solution directions to these challenges.