We have calculated the next-to-leading-order electroweak and QCD corrections to the decay processes h → WW/ZZ → 4 fermions of the light CP-even Higgs boson h of various types of Two-Higgs-Doublet Models (Types I and II, “lepton-specific” and “flipped” models). The input parameters are defined in four different renormalization schemes, where parameters that are not directly accessible by experiments are defined in the M S ¯ scheme. Numerical results are presented for the corrections to partial decay widths for various benchmark scenarios previously motivated in the literature, where we investigate the dependence on the M S ¯ renormalization scale and on the choice of the renormalization scheme in detail. We find that it is crucial to be precise with these issues in parameter analyses, since parameter conversions between different schemes can involve sizeable or large corrections, especially in scenarios that are close to experimental exclusion limits or theoretical bounds. It even turns out that some renormalization schemes are not applicable in specific regions of parameter space. Our investigation of differential distributions shows that corrections beyond the Standard Model are mostly constant offsets induced by the mixing between the light and heavy CP-even Higgs bosons, so that differential analyses of h→4f decay observables do not help to identify Two-Higgs-Doublet Models. Moreover, the decay widths do not significantly depend on the specific type of those models. The calculations are implemented in the public Monte Carlo generator Prophecy4f and ready for application.