A hybrid slot–groove casing treatment (CT) composed of front axial slots and rear circumferential grooves is experimentally studied in a low-speed axial compressor in consideration of stability and efficiency. Results show that the hybrid slot–groove CT can improve the stall margin by 19.79% with an efficiency penalty of 1.5%. Compared to full-groove and full-slot CTs, the hybrid slot–groove CT's stall margin improvement and minimization of efficiency loss are excellent. Detailed measurements indicate that, unlike smooth casing (SC), the hybrid slot–groove CT can unload the blade tip, weaken the tip leakage vortex, and improve the disturbance observed downstream to postpone stall. Given the influence of serious passage blockage derived from the hub region after improving tip flow capability under the hybrid slot–groove CT, the stall route and inception captured in the casing wall and different downstream radial positions demonstrate that, unlike the SC with a typical spike-type inception (short length-scale with 2–3 blade passages), the hybrid slot–groove CT creates a long length-scale stall inception (6–8 blade passages). In addition, a new type of instability inception with a different frequency band from the stall cell is found in the hub region under the hybrid slot–groove CT. This inception appears more than hundreds of revolutions before the fast trigger of spike-type inception and can be used as an early stall warning signal under high hub loading.