Hybrid heat pumps, which combine the vapor compression and absorption heat pump cycle, can efficiently produce hot water of $80^{\circ}-90^{\circ}C$ from the low temperature of ${\sim}50^{\circ}C$. In this study, the performance of a two-stage hybrid heat pump (HHP) was compared with a single-stage hybrid heat pump using EES (Engineering Equation Solver). For the same operating conditions, the two-stage HHP showed a slightly higher COP (Coefficient Of Performance) and more stable operating conditions than the single-stage HHP. Moreover, the maximum working fluid temperature of the two-stage HHP was found to be lower than that of the single-stage HHP by about 40 K, which makes the working conditions of the lubricating oil safer. The COPs of both systems decreased with increasing UA-values. However, the heat output of the HHP was increased at the same time.