Recently, novel hybrid thiol peroxidase (TPx) proteins fused with a glutaredoxin (Grx) were found from some pathogenic bacteria, cyanobacteria, and anaerobic sulfur-oxidizing phototroph. The phylogenic tree analysis that was constructed from the aligned sequences showed two major branches. Haemophilus influenzae TPx⅐Grx was grouped in one branch as a 1-Cys subfamily of the thiol-specific antioxident protein/AhpC family. Most TPx⅐Grx proteins, including Vibrio cholerae TPx⅐Grx, were grouped in the 2-Cys subfamily. To explain the existence of two subgroups in novel hybrid TPx proteins, we have compared the kinetics given by V. cholerae TPx⅐Grx, H. influenzae TPx⅐Grx, their separated TPx domains, and a set of mutants devoid of the redox-active cysteines. The kinetic study described here demonstrates clearly that V. cholerae TPx⅐Grx is a 2-Cys TPx subfamily. For the first time, we also demonstrate the lipid peroxidase activity of V. cholerae TPx⅐Grx fusion and suggest the in vivo function of 2-Cys TPx⅐Grx fusion serving as a lipid peroxidase.