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Using metal hydride for hydrogen storage in stationary applications and for transportation is a promising technology due to its advantages of large hydrogen storage capacity, low pressure and low energy consumption. Combining the metal hydride reactor with PCM is expected to recover the heat generated during the hydrogen absorption and use it for hydrogen desorption, thus improving the energy efficiency of the system. This paper proposes a metal hydride reactor integrated with honeycomb fins and PCM to enhance heat transfer. Based on simulations, the results show that the achieved hydrogen storage capacity is 1.326 wt%, the gravimetric and volumetric storage densities are 0.411% and 14.76 kg of H2 per m3, respectively, and the mean saturated rates are 1.222 × 10−3 g s−1 and 0.773 × 10−3 g s−1 for absorption and desorption processes. Compared with the reactor without fins, the mass and volume of the reactor using honeycomb fins are increased, resulting in a decrease in gravimetric and volumetric storage density, but a increase in reaction rate during hydrogen absorption and desorption processes. Based on this structure, we also propose a honeycomb fin reactor filled with sandwich PCM to further accelerate the heat transfer in the reaction process. Compare to the reactor with PCM only filled on the periphery of the honeycomb fins, the hydrogen absorption and desorption times are shortened by about 86.4% and 81.1%, respectively. In addition, different reactor structures are compared using multiple KPIs to provide relevant suggestions for the reactor optimization. The obtained research results can provide a reference for effective thermal management methods in MH storage systems.