With growing concern about risks related to energy security around the world, the development of hydrogen cooperation between India and Japan has become very important to ensure the economic security of the two countries and to deepen economic cooperation. This report covers both public and private initiatives in the hydrogen area in both countries and visualizes the high potential and potential areas where both countries could cooperate in the hydrogen area, as well as the challenges that are necessary for cooperation. The following four factors are strong incentives for India and Japan to deepen cooperation in the hydrogen field: (1) India has a high potential hydrogen supply capacity, (2) India is very active in implementing hydrogen in society, (3) Japan is already conducting R&D in areas of high interest to India and (4) Japan will need to import hydrogen from other countries in the future. The issues of (1) cost visualization, including transportation costs, (2) harmonization of regulations, (3) harmonization of promotion measures between the two countries, (4) definition of “green hydrogen,” and (5) protection of intellectual property are main challenges to be overcome. Thus, disclosures of necessary data for cost visualization of hydrogen transportation, further inter-governmental cooperations between India and Japan, and facilitation of the discussions on hydrogen among various stakes are key actions for materializing various joint hydrogen projects between both countries.