In this paper, we first introduce a nonisospectral problem associate with a loop algebra. Based on the nonisospectral problem, we deduce a nonisospectral integrable hierarchy by solving a nonisospectral zero curvature equation. It follows that the standard AKNS hierarchy and KN hierarchy are obtained by reducing the resulting nonisospectral hierarchy. Then, the Hamiltonian system of the resulting nonisospectral hierarchy is investigated based on the trace identity. Additionally, an extended integrable system of the resulting nonisospectral hierarchy is worked out based on an expanded higher-dimensional Loop algebra.