CORDIC algorithm is used for low-cost hardware implementation to calculate transcendental functions. This paper proposes a low-latency high-precision architecture for the computation of hyperbolic functions sinhx and coshx based on an improved CORDIC algorithm, that is, the QH-CORDIC. The principle, structure, and range of convergence of the QH-CORDIC are discussed, and the hardware circuit architecture of functions sinhx and coshx using the QH-CORDIC is plotted in this paper. The proposed architecture is implemented using an FPGA device, showing that it has 75% and 50% latency overhead over the two latest prior works. In the synthesis using TSMC 65 nm standard cell library, ASIC implementation results show that the proposed architecture is also superior to the two latest prior works in terms of total time (latency × period), ATP (area × total time), total energy (power × total time), energy efficiency (total energy/efficient bits), and area efficiency (efficient bits/area/total time). Comparison of related works indicates that it is much more favorable for the proposed architecture to perform high-precision floating-point computations on functions sinhx and coshx than the LUT method, stochastic computing, and other CORDIC algorithms.