Hydrogen embrittlement causes deterioration of materials used in hydrogen energy systems. Alloying is an effective means for overcoming this issue. In this study, the first-principles calculation method was used to investigate the effects of alloying Ni on the stability, dissolution, trapping, and diffusion behaviour of interstitial/vacancy H atoms in V. The calculated phonon spectra and solution energies of the vacancy/interstitial H atoms revealed that the V–Ni phase was dynamically and thermodynamically stable, and Ni addition could reduce the stability of V hydrides and improve their resistance to H embrittlement. H atoms in the interstitials and vacancies preferentially occupied the tetrahedral interstitial site (TIS) and octahedral interstitial site (OIS) with the lowest solution energies and diffused along the TIS → TIS and OIS → OIS paths with the minimum diffusion barrier energies. The trapping energy of the vacancy H atoms indicated that the addition of Ni could reduce the H trapping capability of the vacancies and suppress the retention of H in V. Detailed analysis of the calculated H diffusion barriers indicated that the presence of monovacancy defects blocked the diffusion of H atoms more than the presence of interstitials, and Ni doping did not enhance the H diffusion coefficient.