In order to realize the high energy efficiency and high performance motion control of the lifting device of construction machinery, this paper proposes an electro-hydraulic compound driving system that can regenerate the potential energy. In this new system, the high-power density combination of hydraulic cylinder with accumulator is used to balance the self-weight of the lifting device and recycle the gravitational potential energy directly. The green electro-mechanical actuator with high energy efficiency and control performance is used to control the motion of the lifting device. In addition, control valves are added to dynamically adjust the pressure of the two chambers of the hydraulic cylinder and increase the stiffness of the hydraulic system, which can restrain the impact of acceleration and deceleration of large inertia lifting device and rapid charging and discharging of accumulator on electro-mechanical actuator. Finally, a typical construction machinery excavator is structurally modified to build a test platform. The test results show that, under the same working conditions, the proposed electro-hydraulic compound driving system can further reduce energy consumption by 31% and reduce peak power by 15% than that of the high energy efficiency three-chamber hydraulic cylinder driving system with potential energy regeneration. The boom runs smoothly, and the velocity overshoot and fluctuation time are significantly reduced, realizing high performance driving of the lifting device with low energy consumption. The research results also have broad application prospects in missile erection devices, cranes, presses, and other equipment.