A low-carbon energy transition is permeating many industrialized countries due to the overuse of fossil fuels and the climate change. Some countries stress the hydrogen energy in optimizing their energy structures. This article examines both the markets and the policies of the hydrogen industry in the World's Top 4 largest economies. To make the comparative analysis more logical, a novel conceptual model for energy transition -- the institution-economics-technology-behavior framework -- has been adopted to make a multi-dimensional discussion. The results show that: (1) From the perspective of strategic intention, developing hydrogen energy is conductive to the energy transition. (2) From the horizontal comparison, each country has its own advantages, however, the main driving factors are different. (3) From the vertical comparison, the hydrogen energy development in each country is still in the stage of quantitative change, and the inflection point of qualitative change has not been reached yet. Display omitted •A novel conceptual model -- IETB framework -- is adopted.•Hydrogen energy serves three functions in the energy transition.•The World's Top 4 largest economies are used for comparative analysis.•Each country has different advantages of developing its own hydrogen energy.•Qualitative inflection point of hydrogen energy development has not yet reached.