Deep learning models, such as convolutional neural networks (CNNs), have made significant progress in hyperspectral image (HSI) classification. However, these models require a large number of parameters, which occupy a lot of storage space and suffer from overfitting, thus resulting in performance loss. To solve the above problems, in this article, we propose a new compression network [namely, a Hybrid Fully Connected Tensorized Compression Network (HybridFCTCN)] by considering the high dimensionality of HSI data. First, using the low-rank fully connected tensor network decomposition (FCTND), three novel units, i.e., FCTN-FC, FCTNConv2D, and FCTNConv3D, are designed to compress the weight tensor of standard fully connected (FC) layer and kernel tensor of convolutional layer, reducing their parameters. In the novel units, the intrinsic correlation of the decomposed factors is adequately exploited by the FC structures, which enhances their feature extraction and classification abilities. Then, benefiting from the hybrid network backbone composed of the FCTNConv3D and FCTNConv2D units, HybridFCTCN can extract more discriminative features with fewer parameters, while it has great generalization capability and robustness, enabling better HSI classification. Finally, the rank of above-designed units is defined, and its determination is discussed to facilitate the application of the proposed model. Extensive experiments on three widely used HSI datasets reveal that the proposed model achieves state-of-the-art classification performance for different training sample sizes with a very small number of parameters.