In hybrid electric vehicles (HEVs), both the engine and power batteries experience reduced performance at low temperatures, necessitating the consumption of significant energy for preheating. The bidirectional preheating system method, which for the first time applies waste thermal energy to preheat both the engine and power battery in HEVs, utilizes the engine’s residual thermal energy to preheat the power battery and the thermal energy from the power battery to preheat the engine. To implement this method, a numerical model of the engine radiator and power battery waste heat is first established, and the temperature rise characteristics and temperature distribution of the waste heat system are simulated and analyzed. This analysis reveals the heat transfer law of the engine radiator and power battery waste heat. An automatic bidirectional thermal control device based on waste heat reuse is designed. The device utilizes a multi-stage series thermal energy transfer system with phase change materials (PCM) as the medium. A low-temperature experiment is conducted to assess the integration of heating and cooling between the engine and power battery. The results indicate that this method effectively utilizes the engine’s waste heat for both heating and cooling purposes. Specifically, a heat exchanger is used to preheat the power battery using the engine’s cooling residual heat, maintaining the internal battery temperature at 30 °C. Simultaneously, the residual heat from the power battery’s cooling system is circulated back to the engine body, preheating the engine coolant to 42 °C. Compared with existing HEVs, it can save more than 90% of the preheating energy consumption of the engine and power battery. This method can reduce power battery and engine warm-up time by more than 50%, while reducing emissions by more than 40% during engine cold start. This approach effectively addresses the challenge of low-temperature preheating for both power batteries and engines by utilizing cooling residual heat bidirectionally, thereby maximizing energy utilization efficiency in HEV systems and optimizing both battery and engine performance.