Dehydrogenation of the 2195 Al–Li alloy was accomplished using argon degassing, ultrasonic degassing, and vacuum degassing. The concentration of hydrogen, its microstructure, and its mechanical characteristics were all investigated. The hydrogen content in the 2195 Al–Li alloy is high. The degassing process significantly improved the mechanical properties of the cast alloy, owing the removal of hydrogen. Among the three degassing techniques, ultrasonic argon treatment was an efficient dehydrogenation approach and an effective procedure for enhancing the microstructure while minimizing lithium loss in the Al–Li alloy. On the one hand, ultrasonic waves can dissolve purged argon bubbles, allowing them to degas more efficiently. On the other hand, ultrasonic waves may cause a large number of cavitation bubbles to form in the melt, which should be the cause of the microstructure refinement. The dynamics of rising argon bubbles and ultrasonic effects are involved in ultrasonic argon treatments such as cavitation and flow.