Physical layer key generation (PKG) has become a research focus as it solves the key distribution problem, which is difficult in traditional cryptographic mechanisms. Information reconciliation is a critical process in PKG to obtain symmetric keys. Various reconciliation schemes have been proposed, including the error detection protocol-based approach (EDPA) and error correction code-based approach (ECCA). Both EDPA and ECCA have advantages and drawbacks, regarding information leakage, interaction delay, and computation complexity. In this paper, we choose the BBBSS protocol from EDPA and BCH code from ECCA as a case study, analyzing their comprehensive efficiency performance versus pass number and bit disagreement ratio (BDR), respectively. Next, we integrate the strength of the two to design a new hybrid information reconciliation protocol (HIRP). The design of HIRP consists of three main phases, i.e., training, table lookup, and testing. To comprehensively evaluate the reconciliation schemes, we propose a novel efficiency metric to achieve a balance of corrected bits, information leakage, time delay, and computation time, which represents the effectively corrected bits per unit time. The simulation results show that our proposed method outperforms other reconciliation schemes to improve the comprehensive reconciliation efficiency. The average improvement in efficiency is 2.48 and 22.36 times over the BBBSS and BCH code, respectively, when the range of the BDR is from 0.5% to 11.5%. Compared to the BBBSS protocol and the BCH code, HIRP lies at a mid-level in terms of information leakage and computation time cost. Besides, with the lowest time delay cost, HIRP reaches the highest reconciliation efficiency.