In this paper, the optimization problem of orbital transfer strategy for orbital flyby observation missions is studied. A hybrid optimization method is proposed, which is improved to make it more suitable for satellite on-board computing. This new algorithm is designed to solve the initial value sensitivity problem of the sequential quadratic programming algorithm (SQP). It is consisted of the depth-first search algorithm (DFS) and the SQP algorithm and thus has the characteristics of fast convergence, high reliability, and good robustness. With this method, the DFS with a large step size is calculated first, and then the optimal value in the calculation result is used as the initial value of the SQP algorithm for further optimization. This method can obtain the approximate optimal solution available in engineering. The numerical simulation of an orbital transfer optimization problem is set to verify the effectiveness of the new hybrid algorithm. The simulation results compared with the genetic algorithm (GA) show that the proposed hybrid algorithm can effectively reduce the on-board resource occupation when getting similar results and thus can meet the needs of satellite on-board computing.