The invention relates to a hybrid vehicle with a changeover panel assembly, comprising a battery system, an engine, a first electric motor, a second electric motor and a clutch assembly, wherein, the battery system is used for receiving, storing and supplying electric energy, the engine is driven by a flywheel, the first electric motor is provided with a hollow rotating shaft, the hollow rotating shaft is rotatably connected with the flywheel of the first electric motor, and the clutch assembly arranged between the engine and the first electric motor. In the whole operation process of the hybrid vehicle provided in the invention, the second vehicle is used as the main power source for driving the vehicle, and the engine always operates with optimum efficiency, so that a hybrid power drive system can have excellent self-efficiency, and can meet required power and make maximum use of power, so as to improve fuel utilization rate and reduce discharge of tail gas, thus realizing low emission and low fuel consumption.