In this paper, the effect of hydrogenation, in the amount of 0.15 wt.%, on the short-term creep of a titanium Ti-2.9Al-4.5V-4.8Mо alloy in fine-grained (FG) and ultrafine-grained (UFG) states is studied at 723 K. The UFG structure was formed by the method of pressing with the change of the deformation axis and gradual temperature decrease. Creep tests are performed under conditions of uniaxial tension at a constant load for the creep rates at an interval of (10−7 ¸ 10−6) s−1. The UFG alloy’s resistance to creep under the investigated conditions is revealed to be substantially lower than in the FG state. When hydrogen presents in the alloy in a solid solution, a 1.3–2.5-fold rise in the value of the steady-state creep rate for the hydrogenated FG and UFG alloys is observed. The creep of the non-hydrogenated FG and UFG alloys is described by the creep power law. The presence of dissolved hydrogen leads to a violation of the creep power law. The values of stress sensitivity indices, steady-state creep rate, and effective creep activation energy are determined. The relationships between the hydrogenation, structure, and creep mechanisms of the alloy at the steady-state are discussed.