Particularly crucial throughout the mode transition procedure is the transmission properties of hydro–mechanical composite transmission devices. This paper describes a multipurpose power transmission device that integrates hydrostatic, hydro-mechanical, and mechanical transmission and mainly discusses the transmission characteristic optimization problem from the perspective of speed regulation characteristics, shift strategy, and efficiency characteristics. The kinematic and dynamic analysis of the transmission system, the assembly scheme, and relevant parameters of the power transmission device are analyzed, and the speed regulation characteristic curve is obtained. The shift strategy of power transmission devices involving clutches and brakes during the whole speed regulation process and the best switch time of each component are found. The efficiency expression of the static pressure system is obtained from the efficiency model of the pump-control-motor system, and the efficiency of the multi-purpose power transmission device is obtained using the efficiency definition method. The fitting curves of hydrostatic system efficiency are determined using experimental data, and the efficiency of the hydro–mechanical composite power transmission system is obtained using the conversion mechanism method. The results show that the shift quality of power transmission devices can be improved greatly by controlling the switch sequence of clutches and brakes reasonably.