The nationalist leader -- whose country holds the EU's rotating presidency -- is a long-time supporter of the populist former US president.
"We will open several bottles of Champagne if Trump is back," Orban told journalists at the European Parliament in Strasbourg, where he is to address lawmakers on Wednesday.
Orban is to host a summit of European leaders in Budapest two days after the US election on November 5.
The Hungarian premier said that if Trump wins Europe should be ready for the volatile former reality TV star to start efforts to end the war in Ukraine before his formal inauguration in January.
"He will act immediately -- so we don't have as European leaders any time to waste," Orban said.
"We will not have time. So we have to react intellectually first, philosophically and then strategically."
Trump has been critical of Washington's massive military and financial aid for Kyiv and insisted that he could quickly reach a peace deal with Russia.
Orban, the Kremlin's closest friend in the EU, sparked fury in the bloc by meeting Russian President Vladimir Putin in Moscow as part of what he termed "a peace tour" at the start of Hungary's presidency.
Budapest has repeatedly stalled EU support for Kyiv and refuses to join Western efforts to arm Ukraine to fight off Moscow.
Orban told journalists that Hungary wanted to see a ceasefire and insisted that Ukraine "cannot win that war on the battlefield".
"We would like to convince the leaders of European Union to change this strategy, because this strategy and defeat does not work," he said.
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