Hydrogen-based fluidized bed direct reduction (H-FBDR) is an important and promising route for fossil-free ironmaking. In this study, to achieve the optimal operation state of energy use and exergy efficiency, the influences of the metallization process and the ratios of H2 injected on the energy and exergy flows in the H-FBDR process are studied. The results show that the thermodynamically designed two-stage reduction process (first: Fe2O3→FeO; second: FeO→Fe) requires a smaller H2 quantity than other metallization processes. According to the mass, energy, and exergy balance analyses, variations in the H2 consumption, exergy destruction, and energy/exergy losses of the overall system, iron ore preheater (F1), fluidized bed reactor system (R), heat exchanger (E), and gas preheater (F2) with different ratios of H2 injected (η) are derived. The total H2 consumption, total exergy destruction, and energy/exergy losses rise with increasing η, and sharp increases are observed from η = 1.3 to η = 1.8. The exergy efficiencies (φ) can be ranked as φR > φE > φF1 ≈ φF2, and the exergy destruction in components F1 and F2 is mainly caused by the combustion reaction, whereas physical exergy destruction dominates for components R and E. The performances of components F1, E, and F2 degrade from η = 1.0 to η = 1.8, and significant degradation arises when η exceeds 1.3. Thus, considering the H2 consumption, thermodynamic efficiency, and energy/exergy losses, the ratio of H2 injected should be set below 1.3. Notably, although the energy loss in the H-FBDR system is 2 GJ/h at η = 1.3, the exergy loss is only 360 MJ/h, in which the recycled gases from component E occupy 320 MJ/h, whereas the total exergy destruction is 900 MJ/h. Therefore, improving the performance of operation units, particularly the components F1 and F2, is as important as recovering the heat loss from component E for optimizing the H-FBDR process.