The invention relates to the technical field of power control of hybrid electric vehicles, in particular to a compound power supply applied to the hybrid electric vehicle and a power distribution and control method. A storage battery in the compound power supply is used as a main power supply and is connected to a direct current bus through a Boost converter; and a supercapacitor is used as an auxiliary power supply and is connected to the direct current bus through a Buck-Boost converter. The power distribution and control method comprises controlling the Boost converter and the Buck-Boost converter. The power distribution and control method can fulfill 3 control aims of stabilizing the voltage of the direct current bus, precisely tracking a current reference value of the supercapacitor and realizing global asymptotic stability of the control system. The supercapacitor in the compound power supply and the power distribution and control method compensates power of the storage battery, so that supplying of instant power and peak power to the battery is avoided; and the overall efficiency of the compound power supply is obviously improved; the supercapacitor can be quickly and efficiently charged and discharged with high current, so that regenerated braking energy is recycled to the maximum extent, and the energy is greatly saved.