Summary In this paper, the exact analysis of a multihop multibranch (MHMB) relaying network is investigated wherein each relay can operate in amplify‐and‐forward (AF) or decode‐and‐forward (DF) modes depending upon the decoding result of its received signal. If a relay decodes the received signal correctly, it works in DF mode; otherwise, the relay operates in AF mode. Therefore, we name such relaying network as hybrid amplify‐and‐forward and decode‐and‐forward (hybrid AF/DF) relaying network. We first investigate the signal transmission from source to destination node via n number of relays in a hybrid AF/DF MHMB mode. Then, we obtained the statistical features and analyze the end‐to‐end signal‐to‐noise ratio (SNR). Finally, a comprehensive performance analysis is conducted by using maximal ratio combining (MRC) scheme at the destination node. For comparison, we also obtained the results using selection combining (SC) scheme at the destination node. To the best of our knowledge, very few works in the literature have considered a general system model of MHMB relaying network wherein each relay can operate in AF or DF modes, that is, a hybrid AF/DF relaying network. Accordingly, the analysis of our system model is not only novel and exact, but also is comprehensive and can be employed in the future works.