Liquid desiccant and heat pump (LDHP) hybrid air-conditioning system provides a promising independent air dehumidification solution. Capacity matching among the four major heat and mass transfer components, i.e. dehumidifier, regenerator, evaporator and condenser, is essentially important for energy efficiency of the hybrid system. In this paper, the configuration of the hybrid system is firstly studied. Novel matching indices are proposed to evaluate the matching effect. The results show that a LDHP hybrid system with double-condenser, one solution-cooled and one air-cooled, is a feasible configuration for achieving capacity matching. To achieve dynamic capacity matching under real changing operating conditions, the effects of three critical operating variables, including solution flow rate, revolution of the compressor and air flow rate in the air-cooled condenser, on capacity matching and energy performance are studied. Simulation results show that dynamic capacity matching can only be achieved by regulating these three operating variables simultaneously.