To enhance cable stiffness, this paper proposed a combined application of carbon fiber reinforced polymers (CFRP) and steel materials, resulting in a novel type of hybrid stay cable system especially for the cable-stayed bridges with main span lengths of 1400~2800 m. In this combination, CFRP materials can conserve all their advantages such as light weight and high strength; while steel materials help increase the equivalent stiffness to compensate for the low elastic modulus of CFRP materials. An increase of the equivalent stiffness of the hybrid stay cable system could be further obtained with a reasonable increase of its safety factor. Following this concept, a series of parametric studies for the hybrid stay cable system with the consideration of stiffness and cost were carried out. Three design strategies/criteria, namely, best equivalent stiffness with a given safety factor, highest ratio of equivalent stiffness to material cost with a given safety factor, and best equivalent stiffness under a given cost were proposed from the stiffness and cost viewpoints. Finally, a comprehensive design procedure following the proposed design strategies was suggested. It was shown that the proposed hybrid stay cable system could be a good alternative to the pure CFRP or traditional steel stay cables in the future applications of super long span bridges.