In an attempt to develop lithium borohydrides as reversible hydrogen storage materials with high hydrogen storage capacities, the feasibility of reducing the dehydrogenation temperature of the lithium borohydride and moderating rehydrogenation conditions was explored. The lithium borohydride was modified by ball milling with metal oxides and metal chlorides as additives. The modified lithium borohydrides released 9 wt % hydrogen starting from 473 K. The dehydrided modified lithium borohydrides absorbed 7-9 wt % hydrogen at 873 K and 7 MPa. The modification with additives reduced the dehydriding starting temperature from 673 to 473 K and moderated the rehydrogenation conditions from 923 K/15 MPa to 873 K/7 MPa. XRD and SEM analysis revealed the formation of an intermediate compound that might play a key role in changing the reaction path, resulting in the lower dehydriding temperature and reversibility. The reversible hydrogen storage capacity of the oxide-modified lithium borohydrides decreased gradually during hydriding/dehydriding cycling. One of the possible reasons for this effect might be the loss of boron during dehydrogenation, but this can be prevented by changing, the dehydriding path using appropriate additives. The additives reduced the dehydriding temperature and improved the reversibility, but they also reduced the hydrogen storage capacity. The best compromise can be reached by selecting appropriate additives, optimizing the additive loading, and using new synthesis processes other than ball milling.