A hybrid power supply is composed by both a linear and a switching source connected in parallel and it can improve the dynamic response. But the hybrid power supply cant not effectively reject the perturbations in the power supply. A hybrid power supply based on one cycle control theory is proposed in order to improve the capability and the control precision. A switching source based on one cycle control is adopted in the hybrid power supply. The analysis results indicate that the hybrid power supply can effectively reject the perturbations in the power supply. And the analysis results also show that not only the control precision is improved, but also the control circuit is simple. The simulation resuits given verify the correctness and effectiveness of the proposed method.