Much attention has been paid to the optimized protection of microgrids (MGs) and active distribution networks (ADNs). However, the literature shows a research gap in proposing a hybrid scheme, utilizing the voltage-based and overcurrent-based relays, while the voltage relay characteristics are smartly selected. This study aims to address such a research gap. This article presents an optimal hybrid protection coordination method for ADNs and MGs. Considering that any system fault is associated with a voltage drop, a new protection method is formulated from voltage analysis under fault conditions. The proposed method is independent of the type, size, and location of distributed generation (DG) units, as well as the operation of the distribution system connected to the grid. This method uses only the local voltage to determine the relay’s tripping time and is a low-cost protection method, in addition to the directional overcurrent relays (DOCRs). Optimizing the voltage-based relay characteristics is one of the most important contributions, which leads to improving the protection system speed and its selectivity concerns. The effectiveness of the proposed method has been verified by several simulation tests performed on the medium voltage (MV) distribution system under different fault conditions and DG size and location. The simulation results show that the protection method has appropriate speed, and the protection settings could be independent of the operation modes/topologies and the locations of faults. The comparative results illustrate the advantages of the proposed hybrid protective scheme.