We performed an inelastic and quasielastic neutron scattering investigation of the molecular dynamics of lysozyme solvated in glycerol, at different water contents h (g water/g lysozyme). At low temperature, dry lysozyme solvated with glycerol shows a low-frequency vibrational bump located at around 4 meV. Contrary to the behaviour of strongly hydrated protein powders, this peak is well visible also at room temperature and persists in the experimental spectra at all the hydration degrees. The quasielastic contribution increases remarkably with h, thus suggesting that water molecules perform their plasticizing action by allowing the onset of confined diffusive motions of protein groups. The quasielastic signal could be decomposed in two Lorentzian components, representing motions with characteristic times of, respectively, 15 and 0.8 ps. The Lorentzian curves exhibit constant widths but variable intensities as a function of the hydration degree. The trend of the estimated quasielastic structure factors suggests that a preferential hydration effect may take place in lysozyme solvated with glycerol and water.