The invention relates to a parallel hydraulic hybrid driving system of a vehicle, which comprises a mechanical transmission system and a hydraulic regenerative brake system, wherein the mechanical transmission system comprises an engine, a gearbox, a hydraulic control clutch, a power coupler, a two-way variable pump/motor, a transmission shaft and a rear driving axle; and the hydraulic regenerative brake system comprises a two-way variable pump/motor, a first stop valve, an oil tank, a variable mechanism of the two-way variable pump/motor, a plugin valve, a high pressure accumulator, a high pressure accumulator pressure gauge, a pressure sensor, a reducing valve, a two-position two-way reversing valve, an overflow valve and a filter. A charging/discharging major loop of the driving system adopts a controllable plugin valve, the plugin valve is controlled by controlling a pilot valve of the driving system, and the driving system responses rapidly. The driving system is convenient to operate and high in reliability, the power source switching is smooth, the power performances of the vehicle are improved, and the driving system has significant effects in recovering energy of the vehicle and improving fuel economy. The driving system meets the intermittent and high-power requirements and is used for the heavy vehicle requiring frequent start and parking operations.