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To achieve the shift to renewable energies, efficient energy storage is of the upmost importance. Hydrogen as a chemical energy storage represents a promising technology due to its high gravimetric energy density. However, the most efficient form of hydrogen storage still remains an open question. Absorption-based storage of hydrogen in metal hydrides offers high volumetric energy densities as well as safety advantages. In this work technical, economic and environmental aspects of different metal hydride materials are investigated. An overview of the material properties, production methods as well as possibilities for enhancement of properties are presented. Furthermore, impacts on material costs, abundance of raw materials and dependency on imports are discussed. Advantages and disadvantages of selected materials are derived and may serve as a decision basis for material selection based on application. Further research on enhancement of material properties as well as on the system level is required for widespread application of metal hydrides.