With the ongoing development of China’s power system, there is a gradual increase in the proportion of new energy power generation. However, the randomness and volatility associated with new energy power generation can lead to increased frequency fluctuations in the power grid, posing a significant challenge to power system frequency regulation. In this paper, we investigate the control strategy of a hybrid energy storage system (HESS) that participates in the primary frequency modulation of the system. We analyze the advantages and disadvantages of various types of new energy storage from both technical and economic perspectives and perform an applicability analysis system to select lithium batteries and supercapacitor energy storage for forming a HESS. We propose a virtual droop control strategy to regulate the output of the HESS in the primary frequency regulation of the system. Finally, we build a simulation model that includes the HESS and power grid on the MATLAB/Simulink simulation platform and conduct a simulation analysis. The results show that the proposed strategy is superior and effective in controlling the HESS’s output when participating in the primary frequency modulation of the system.