In this paper, we study the Hankel determinant associated with the degenerate Laguerre unitary ensemble. This problem originates from the largest or smallest eigenvalue distribution of the degenerate Laguerre unitary ensemble. We derive the ladder operators and its compatibility condition with respect to a general perturbed weight. By applying the ladder operators to our problem, we obtain two auxiliary quantities Rn(t) and rn(t) and show that they satisfy the coupled Riccati equations, from which we find that Rn(t) satisfies the Painlevé V equation. Furthermore, we prove that σn(t), a quantity related to the logarithmic derivative of the Hankel determinant, satisfies both the continuous and discrete Jimbo-Miwa-Okamoto σ-form of the Painlevé V. In the end, by using Dyson's Coulomb fluid approach, we consider the large n asymptotic behavior of our problem at the soft edge, which gives rise to the Painlevé XXXIV equation.