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In this paper, the full magnetization process demonstrated by the series of ferrimagnetic intermetallic compounds (Nd, Ho)₂Fe₁₄B and Ho₂FeB and their hydrides with the maximum possible hydrogen content (for the given crystal structure type) is studied theoretically and experimentally using megagauss magnetic fields. We observe field-induced phase transitions from the initial ferrimagnetic to the forced-ferromagnetic state in magnetic fields up to 130 T and describe the magnetization process analytically.We find a drastic decrease of the critical transition fields in the hydrogenated compounds. This is due to extremely strong, nearly twofold reduction of the R-Fe intersublattice exchange interaction because of the combined substitution and hydrogenation effects. A comparative analysis of the magnetization behavior for the system Ho₂Fe₁₇-H is also performed.