The coordination between a hybrid energy storage system (HESS) and photovoltaic (PV) power station can significantly reduce grid-connected PV power fluctuations. This study proposes a HESS capacity optimal allocation method considering the grid-connected PV requirements. Firstly, based on the power fluctuation requirements in the PV power station grid-connected regulations, the maximum power point tracking working point switching control is performed for the PV power station, from which the grid-connected PV power and HESS power are obtained. Then, a capacity optimal allocation method and frequency division energy management strategy (EMS) for HESS is proposed to find the energy response and power response of each energy storage source. Furthermore, a multi-objective optimization function with HESS cutoff frequency as the independent variable is constructed, and the input cost of HESS and the life loss of the lithium battery are optimized. Finally, the overall strategy is compared and analyzed under the scenarios of three typical PV power fluctuations. Simulation results show that the control strategy has a good smoothing effect on PV power fluctuations. From the perspective of the annual comprehensive input cost, HESS realizes the optimal capacity allocation when the cutoff frequency is 0.0066 Hz.