The invention relates to a hybrid drive of a motor vehicle which comprises an internal combustion engine (VM) with a drive shaft (2), an electric machine (EM) which can operate as a motor and as a generator and has a rotor (14), and a multi-stage conventional gearbox (15) with two coaxially arranged input shafts (GE1, GE2) and a common output shaft (GA), wherein the first input shaft (GE1) is arranged centrally within the second input shaft (GE2) which is embodied as a hollow shaft, at least the first input shaft (GE1) can be connected to the drive shaft of the internal combustion engine via an assigned clutch (K1), the second input shaft (GE2) has a drive connection to the rotor of the electric machine, and the two input shafts can be selectively placed in a drive connection with the output shaft (GA), in each case via a plurality of gearwheel sets (3, 5, 7, 9; 4, 6, 8, 10) with a different transmission ratio and in each case a shiftable speed clutch (S1, S3; S2, S4). In the hybrid drive (13, 13') which is based on a double clutch transmission (1) and is of simple and space-saving design, only the first input shaft (GE1) can be connected to the drive shaft (2) of the internal combustion engine (VM) via an assigned clutch (K1), and the first input shaft (GE1) and the second input shaft (GE2) can be coupled to one another via an engageable and disengageable, positively locking clutch (SE1, SE1').