A ternary Mg2NiH4 hydride was synthesized using method that relies on a relatively short mechanical milling time (one hour) of a 2:1 MgH2–Ni powder mixture followed by sintering at a sufficiently high hydrogen pressure (>85 bar) and temperature (>400 °C). The ternary hydride forms in less than 2.5 h (including the milling time) with a yield of ∼90% as a mixture of two polymorphic forms. The mechanisms of formation and decomposition of ternary Mg2NiH4 under different hydrogen pressures were studied in detail using an in situ synchrotron radiation powder X-ray diffraction (SR-PXD) and high pressure DSC. The obtained experimental results are supported by morphological and microstructural investigations performed using SEM and high resolution STEM. Additionally, effects occurring during the desorption reaction were studied using DSC coupled with mass spectrometry.