In order to fully utilize the regenerative braking energy of metro trains and stabilize the metro DC traction busbar voltage, a hybrid regenerative braking energy recovery system with a dual-mode power management strategy is proposed. Firstly, the construction of the hybrid regenerative braking energy recovery system is explained. Then, based on the power demand of low-voltage load in metro stations, a dual-mode power management strategy is proposed to allocate the reference power of each system according to the different working conditions, and the control methods of each system are set. Finally, the correctness and effectiveness of the dual-mode strategy are verified through simulation, and the proposed braking energy utilization scheme is compared with other singleform utilization schemes. The results illustrate that the hybrid system with the dual-mode strategy can effectively recycle the regenerative braking energy of metro train and inhibit the busbar voltage fluctuation; the proposed braking energy utilization scheme has certain advantages on energy recovery and DC bus voltage stabilization compared with other single-form schemes; the proposed power management strategy can correctly allocate the reference power of each system with a lower construction cost.