In this study, Ti-6Al-4V matrix composites reinforced with TiB ceramic whiskers were in situ synthesized and hydrogenated using the melt hydrogenation technique (MHT). The effects of MHT on the microstructure evolution and hot compression behavior of the composites were investigated by optical microscopy (OM), electron backscatter diffraction (EBSD), and transmission electron microscopy (TEM). Hot compression tests were performed at strain rates of 0.1/s, 0.01/s, and 0.001/s and temperatures of 800 °C, 850 °C, and 900 °C; the hot workability of composites significantly improved after hydrogenation, for example, the 900 °C peak flow stress of hydrogenated composites (43 MPa) decreased by 53.76% compared with that of unhydrogenated ones (93 MPa) at a strain rate of 0.01/s. Microstructural observations show that MHT can effectively facilitate the dispersion of TiB whiskers and induce the α/β lath refinement of the matrix in our as-cast hydrogenated composite. During hot compression, MHT effectively promoted the as-cast composite microstructure refinement, accelerated the dynamic recrystallization (DRX) generation, and reduced the stress concentration at the interface between the reinforcement and matrix; in turn, the hydrogenated composites presented low peak stress during hot compression.