Hybrid manipulators have potentially application in machining industries and attract extensive attention from many researchers on the basis of high stiffness and high dexterity. Therefore, in order to expand the application prospects of hybrid manipulator, a novel 5-degree-of-freedom (DOF) hybrid serial-parallel manipulator (HSPM) is proposed. Firstly, the design plan of this manipulator is introduced. Secondly, the analysis of this manipulator is carried out in detail, including kinematics analysis, statics analysis, and workspace analysis. Especially, an amplitude equivalent method of disposing the over-constrained force/couple to the non-overconstrained force/couple is used in the statics analysis. Then, three performance indices are used to optimize the PM. Two of them have been widely used, and the third one is a new index which considers the characteristics of the actuated force. Based on the performance indices, the performance atlas is drawn and the optimal design of the PM is investigated. In order to satisfy the anticipant kinetic characteristics of the PM, the verification of the optimized physical dimension is done and the workspace based on the optimized physical dimension is carried out. This paper will lay good theoretical foundations for application of this novel HSPM and also can be applied to other hybrid manipulators.