Hydrogen plays an important role in the corrosion of zirconium alloys, and the degree of influence highly depends on the alloy composition and conditions. In this work, the effects of hydrogenation on the corrosion behavior of Zircaloy-4 in water containing 3.5 ppm Li + 1000 ppm B at 360 °C/18.6 MPa were investigated. The results revealed that hydrogenation can shorten the corrosion transition time and increase the corrosion rates of Zircaloy-4. The higher corrosion rates can be ascribed to the larger stress in the oxide film of hydrogenated samples, which can accelerate the evolution of the microstructure of the oxide film. In addition, we also found that hydrogenation has little effect on the t-ZrO2 content in the oxide film and there is no direct correspondence between the t-ZrO2 content and the corrosion resistance of the Zircaloy-4.