The Colts also elevated kicker Michael Badgley and safety Jordan Lucas to the active roster from the practice squad and placed kicker Rodrigo Blankenship (hip) on injured reserve.
Hilton, 31, was put on injured reserve in early September after undergoing neck surgery and has yet to play this season.
The Colts (1-4) re-signed Hilton in the offseason, but he had been slowed during training camp with the issue. Hilton has 608 catches for 9,360 yards and 50 touchdowns in nine seasons, all with the Colts. He made the Pro Bowl four straight years from 2014-17.
Badgley, 26, began this season with the Tennessee Titans. He missed his only field goal attempt (from 46 yards) and one of two PATs in a Week 1 loss to the Arizona Cardinals. Badgley spent the previous three seasons with the Los Angeles Chargers.
The Colts blew a 16-point lead in the fourth quarter in Monday night's overtime loss at the Baltimore Ravens, in part because Blankenship missed an extra point and two field goals, the last of which would have won the game for Indy in the final seconds.
Lucas, 28, recorded 47 tackles and one interception in 49 career games (four starts) with the Miami Dolphins and Kansas City Chiefs.
--Field Level Media