Solid hydrogen storage technology is crucial for overcoming the challenges of storing and transporting hydrogen efficiently. Materials like rare earth-based hydrogen storage alloys and magnesium-based materials offer a balance of energy density, cost-effectiveness, and safety. Recent industrial developments in April 2025 have highlighted significant progress in the global hydrogen energy sector. For instance, the University of Science and Technology of China achieved a 7.2% weight hydrogen storage density in rare earth-based tanks, while ThyssenKrupp in Germany launched a magnesium-based hydrogen storage system with a lifespan exceeding 500 cycles. The article discusses the key technical features and breakthroughs in solid hydrogen storage with rare earth materials. These materials offer high hydrogen storage density, stability over a wide temperature range, and excellent cycle life, making them suitable for various applications such as vehicles and drones. Companies like China Northern Rare Earth have introduced mass production lines for rare earth-based hydrogen storage tanks, significantly reducing costs. The article also explores the practical applications of these technologies, including providing hydrogen for fuel cell vehicles and distributed energy generation. Collaborations between companies aim to enhance hydrogen storage systems for improved efficiency and localization, showcasing the potential for a collaborative development path in this field.