Nonlinear energy sink (NES) as a new type of dynamic absorber has received widespread attention due to its broadband vibration suppression capability, but it has a certain requirement of energy triggering threshold. In this work, a bistable NES-based piezoelectric system with combined damping (BCPNES) and low threshold requirement is proposed. Electromechanical-coupled equations for the nonlinear oscillator coupled with BCPNES (NO-BCPNES) are established. The vibration suppression and vibration energy harvesting performance for the coupled system are investigated numerically and analytically. The frequency–energy plots of the conservative system are investigated using the complex-variable averaging method and the electromechanical decoupling method. The influence of circuit parameters on the target energy transfer threshold and harvested energy is discussed through the equivalent stiffness and damping of the circuit. The vibration suppression performance and the target energy transfer characteristics are analyzed in terms of the time–history response, the time–frequency response and the slowly varying dynamic flow, respectively. The results show that the electromechanical coupling coefficient affects the skeleton curve of frequency–energy plots in the form of equivalent stiffness. The NO-BCPNES system exhibits higher energy dissipation performance and better targeted energy transfer form under various excitations. From the phase perspective, NES-based piezoelectric system achieves vibration suppression of the main structure through the phase locking phenomenon. The mechanism of the influence of piezoelectric device parameters on the energy harvesting performance of the systems is clarified.