Aiming to improve the low-speed stability and dynamic response while retaining high efficiency, a valve-pump parallel variable mode control for hydraulic speed regulation systems is proposed which establishes a flexible control mechanism using pump control and valve control. At the start and stop stages, the leaking valve control mode is applied to improve low-speed performance by increasing leakages controlled by a valve. At the constant-speed stage, the replenishing valve control mode is used to improve response to load disturbance. At other stages, the pump control mode is applied to make full use of its high efficiency. The three control modes could switch smoothly and the proposed control method could achieve good speed tracking while working efficiently.