A parallel nonlinear energy sink (NES) is proposed and analyzed. The parallel NES is composed of a vibro-impact (VI) NES and a cubic NES. The dynamical equation is given, and the essential analytical investigation is carried out to deal with the cubic nonlinearity and impact nonlinearity. Multiple time-scale expansion is introduced, and the zeroth order is derived to give a rough outline of the system. The underlying Hamilton dynamic equation is given, and then the optimal stiffness is expressed. The clearance is regarded as a critical factor for the VI. Based on the periodical impact treatment by analytical investigation, the relationships of the cubic stiffness, the clearance, and the zeroth-order attenuation amplitude of the linear primary oscillator (LPO) are obtained. A cubic NES under the optimal condition is compared with the parallel NES. Harmonic signals, harmonic signals with noises, and the excitation generated by a second-order filter are considered as the potential excitation forces on the system. The targeted energy transfer (TET) in the designed parallel NES is shown to be more efficient.