The invention discloses a hybrid power system and a control method thereof. The hybrid power system comprises a first motor, a second motor, a battery pack, a first planet row, a second planet row, a first gear pair, a second gear pair, a first input shaft, a second input shaft, a third input shaft, a first engaging sleeve, a second engaging sleeve and the like. By sequentially connecting and controlling combination and withdrawing of the first engaging sleeve and the second engaging sleeve, the hybrid power system has various working modes which include a pure electric driving mode, two parallel driving modes, a series-parallel driving mode and an energy recycling mode, the defects that the working efficiency of an engine is low in a pure torque coupling mode, and the power performance is insufficient in the pure rotation speed coupling mode are overcome, and the economical efficiency of fuel and the power performance are ensured at the same time. According to the hybrid power system, the engaging sleeves which are simple in structure are adopted, compared with adoption of a friction clutch, the hybrid power system is more compact in overall structure, meanwhile slide-friction energy loss generated by the friction clutch can be avoided, and the overall efficiency of the system can be improved.