To enhance the computational efficiency of fluid–solid coupling in peridynamics (PD), a hybrid modeling approach based on the classical Biot theory is proposed for simulating hydraulic crack propagation in saturated porous media. The deformation and damage of solids are described by the coupling of the finite element method (FEM) and PD. Based on Darcy’s law, the finite volume method (FVM) is used to describe fluid seepage and calculate pore water pressure. The mutual transfer of fluid pressure and solid deformation is realized through the transition layer between the solid layer and the fluid layer. Firstly, the effectiveness of the proposed method is verified by a porous media seepage simulation example. Secondly, the ability and efficiency of this method to simulate crack propagation in saturated porous media are verified by several examples of hydraulic fracturing of rock with a single pre-existing crack. Finally, the synchronous hydraulic fracturing process of rock with double cracks is simulated. The ability of this method to simulate the simultaneous propagation of multiple fractures in the rock under fluid–solid coupling is further illustrated. The aforementioned studies demonstrate that the novel hybrid PD-FEM-FVM approach not only ensures computational accuracy and effectiveness but also significantly enhances computational efficiency.