The evolution of ideas concerning the nature of hydrogen embrittlement of engineering metallic materials is described based on a number of the proposed hypotheses and corresponding experiments. The main attention is paid to two of them, namely hydrogen-enhanced decohesion (HEDE) and hydrogen-enhanced localized plasticity (HELP). Recent attempts to interconnect the both models as HELP + HEDE and HELP-mediated HEDE ones are also estimated. A conclusion is made that HELP model is preferential for understanding the entire array of experimental data with a caveat that it is necessary to consider the chemical nature of hydrogen atoms and view them not only as point defects. Based on the studies of hydrogen effect on the atomic interactions in iron, nickel, titanium, and its alloys, it is shown that the electron approach to HELP phenomenon adequately describes two competitive features of hydrogen behavior in metals: increased brittleness and enhanced plasticity. Due to the increase in the concentration of free electrons, hydrogen decreases the elasticity moduli, which causes the crystal lattice to soften. For this reason, the formation of hydrogen atmospheres around the dislocations decreases the start stress of dislocation sources, as well as line tension of emitted dislocations, enhancing thereby their mobility, and weakens repulsion between dislocations in their pile-ups. The range of temperatures and strain rates in which hydrogen embrittlement occurs is controlled by the enthalpies of hydrogen atoms’ diffusion and their binding to dislocations. The resulting consequences for mechanical properties depend on the short-range atomic order, SRO, which inherently occurs in the metallic solid solutions and localizes plastic deformation both in the cases of short-range atomic ordering and of short-range atomic decomposition. Hydrogen enhances slip localization because of its different solubility in the submicrovolumes of short-range decomposed solid solutions. If SRO is absent or not remarkably formed, the hydrogen-increased concentration of free electrons results in enhanced plasticity. Available positive hydrogen effects on the plasticity of titanium β-alloys and austenitic steels are presented and interpreted.