With wide application of AC drive electric locomotives in railway networks, the negative sequence current and neutral section increase significantly, and the co-phase power supply system with Railway Power Conditioner (RPC) is an effective solution. In order to increase its cost performance, a new Hybrid Railway Power Conditioner(HRPC) for co-phase was proposed. Compared with the traditional RPC, HRPC is much lower than RPC in operation voltage, so its capacity of active part decreases significantly. This paper analyzed its topology, compensation principle and operation voltage of its active part. The design of its key parameter was given. The results prove that HRPC is lower by 46%~50% than that of RPC in completing similar compensational tasks through simulation.