Abstract: Hydrogen energy has become an important strategic choice for the global energy transition, and more than 30 countries, including China, have issued roadmaps for its development. As a key catalyst for proton exchange membrane electrolyzers and fuel cells, the demand for platinum rises with the development of the hydrogen energy industry. Considering that China, as the world’s largest platinum consumer, has only 0.12% of the global reserves of platinum resources, the risk of contradiction between supply and demand cannot be ignored. Therefore, it is necessary to measure the platinum demand for the development of the hydrogen energy industry under the push of energy transition. This study analyzes the characteristics of platinum flows driven by China’s hydrogen energy industry by using the dynamic material flow analysis method. Platinum stocks and scrap volume for the hydrogen energy industry are then estimated based on the scale of the hydrogen energy industry under the carbon neutral scenario and the technological development of the future under three different scenarios. The study finds that the total amount of platinum entering the hydrogen energy industry from 2018 to 2022 is 1 634.19 kg, the platinum entering the use stage is 1 676.31 kg, of which the platinum still in use is 1 563.00 kg, the platinum entering the waste management stage is 86.11 kg, and the total loss of platinum is 77.11 kg. The platinum stocks driven by the hydrogen energy industry under the carbon-neutral scenario in 2050 is 1 614.40 t, 802.19 t and 357.60 t under the baseline, conservative and aggressive technology scenarios, respectively, and platinum scrapping is 58.16 t, 24.41 t and 9.92 t. It is expected that platinum recycling for China’s hydrogen energy industry can alleviate platinum import pressures in the future. To better manage and utilize platinum resources, finally, relevant recommendations are put forward for the future development of China’s hydrogen energy industry and platinum resources, emphasizing that in addition to innovative technological levels and development of multiple types of alternative catalysts, improving the recovery rate of platinum is also an effective way to alleviate the supply-demand contradiction of platinum.