Background: Continued study of risk factors can inform future pandemic preparedness and response. We aimed to determine the potential risk factors of COVID-19 severity among patients admitted to the hospital during the Delta- and Omicron-dominant periods. Methods: We utilized the J-SPEED-style COVID-19 Hospital version, a pre-administered questionnaire, to collect data from hospitals in Hiroshima Prefecture between 8 August 2021 and 19 April 2022. Results: During the Delta-dominant period, patients aged over 65 (OR = 2.59, 95% CI = 1.75–3.84), males (OR = 1.42, 95% CI = 1.12–1.81) and with BMI exceeding 25 (OR = 1.99, 95% CI = 1.57–2.52), diabetes (OR = 2.03, 95% CI = 1.40–2.95), and those with fewer than two doses of vaccine (OR = 2.39, 95% CI = 1.46–3.91) were at a greater risk of severe COVID-19 compared to those without these risk factors. During the Omicron-dominant period, significantly greater severity was observed among patients over 65 years old (OR = 3.89, 95% CI = 2.95–5.12), males (OR = 1.76, 95% CI = 1.40–2.21), those with high blood pressure (OR = 1.30, 95% CI = 1.02–1.65), and mental disorder (OR = 2.22, 95% CI = 1.69–2.92) compared to patients without these risks. Conclusions: Our findings indicate that risk factors vary across different SARS-CoV-2 variants. Examining variant-specific risk factors for COVID-19 severity can aid policymakers, public health specialists, and clinicians in prioritizing screening, treatment, and vaccination efforts, especially during potential healthcare resource shortages.