Heat pump technologies play significant roles in building energy saving and emission reduction. Combing the opposite characteristics of the electrical and absorption heat pumps, a novel internally hybrid absorption compression heat pump was proposed for performance improvement. The thermodynamic models for the hybrid heat pump using two cycles (single-effect and generator-absorber-heat-exchange) were built for component design and performance simulation with various refrigerant distribution ratios. Results show that a higher absorption-side refrigerant ratio generally makes the primary energy efficiency less sensitive and the capacity more sensitive to working condition. In the heating mode, a higher absorption-side refrigerant ratio brings about a higher efficiency when the evaporator inlet temperature is below 16 degrees C and 20 degrees C for the two cycles. In the cooling mode, a lower absorption-side refrigerant ratio contributes to a higher efficiency. The hybrid absorption compression heat pumps can realize flexible heating/cooling capacity ratios to accommodate the design heating/cooling loads as necessary. Generally, a higher absorption-side refrigerant ratio is preferred in colder conditions owing to the higher heating efficiency and the higher heating/cooling capacity ratio, well matching the heating dominant building loads. This study focuses on the principle and performance of the novel hybrid heat pump, the applications in actual buildings will be conducted through year-round simulations in future studies.