To coordinate the contradictory relationship between dynamic performances and electrical energy consumption of an electromagnetic active suspension, a hybrid electromagnetic actuator that integrates with a linear motor and a hydraulic damper is developed, which can achieve active control and energy regeneration compared with the linear electromagnetic actuator. A mode-switching control method is put forward based on the modified skyhook control. The stability of the switched controller with a specific switching rule is investigated based on the Lyapunov theorem. Then, the switching control system of a hybrid electromagnetic actuator is designed. Finally, a linear electromagnetic actuator and a passive damper are taken as comparison objects, and comparative bench tests, including a dynamic performance test and an energy consumption test, are conducted. The test results show that the hybrid electromagnetic actuator with mode-switching control can balance the dynamic performances and electrical energy consumption effectively.