The 35-year-old star plays Thomas Hutter in the new horror film and revealed that he received the prosthesis as a gift from director Robert Eggers after he got slightly too close to Skarsgard's vampire Count Orlok during a scene.
In an interview alongside cast mate Lily-Rose Depp for Elle, Hoult explained: "I have Count Orlok's prosthetic penis framed at home.
"There's a scene where Bill Skasrgard is slurping my blood, and Robert Eggers asked afterward, 'How was that for you?' And I said, 'I could feel his prosthetic penis on my leg'. And then, as a wrap gift, Rob got it framed, and he sent it to my house."
The Renfield star then revealed how he had an awkward encounter at a shop because the frame had broken when his present arrived.
Hoult recalled of the staff member: "He kind of didn't even blink the first time.
"Then, when I went back to pick it up, I think he'd clocked like how weird it was that I was framing potentially this vampire penis, and he was like, 'Is this some kind of collector's piece?' And I was like, 'Hm, you could say that.'"
Hoult revealed how he was told to lose weight by Eggers to create his alter ego's haunted look for the remake of the 1922 silent film.
He explained to The Hollywood Reporter: "Rob asked me to lose some weight for the movie. So I was about 20 pounds lighter than I am normally, and that weight loss was combined with the makeup team's brilliant job.
"Thomas goes through a lot in this movie, and so they added that harrowing look with hollowed-out cheekbones. That was some great makeup in terms of making Thomas look like he'd been to hell and back."
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