In this paper, a novel hybrid maximum power point tracking (MPPT) method is proposed and investigated. The proposed MPPT technique combines the simplicity of perturb and observe (P&O) method and the fast tracking ability of open circuit voltage (OCV) method. The advantages of the proposed MPPT approach include fast tracking speed, no additional circuit required and no temporary power loss. To validate the feasibility of the proposed MPPT technique, an 1.2 kW thermoelectric generation system for industrial waste heat recovery is also constructed, experimental results show that comparing with conventional P&O technique, the proposed method can improve the tracking speed for 42.9% and 86.2% when temperature differences are ΔT = 60 °C and ΔT = 180 °C, respectively. Moreover, the energy loss can be improved by 24.0% and 87.0% when temperature differences are ΔT = 60 °C and ΔT = 180 °C, respectively.