The large-scale integration of distributed energy sources and power electronic devices results in the DC microgrid exhibiting significant low inertia and weak damping characteristics. This, in turn, leads to inevitable fluctuations in the DC bus voltage, which endanger the stable operation of the DC system. Energy storage devices can provide equivalent inertia. To enhance the inertia and response speed of the DC bus interface converter, this paper proposes a power allocation parameter adaptive virtual DC motor control strategy based on a hybrid energy storage unit. The strategy introduces power allocation control to regulate the energy storage converter on the basis of virtual inertia parameter adaptive control, thereby enabling the energy storage converter to simulate the inertia and damping characteristics of a DC generator. The small-signal stability of the system is analyzed by establishing a small-signal model of the photovoltaic energy storage system and utilizing the impedance ratio criterion. Finally, the proposed control strategy is validated through simulation. The results demonstrate that the strategy effectively mitigates the fluctuations in bus voltage under varying photovoltaic power and sudden load changes, ensures the power distribution in the hybrid energy storage system, and enhances the dynamic response of the system.