This paper presents a hybrid simultaneous cooling/heating absorption heat pump with thermal energy storage. The system coupled type 1 absorption refrigerator and type 2 heat transformer, using H₂O/LiBr as working fluid. The system is driven with low temperature heat at 80℃ to supply cooling and heating simultaneously. Through solution and refrigerant reservoirs, the system can store thermal energy in the form of chemical potential due to concentration glide. Applying the building cooling/heating temperature conditions, operating concentration range of the system is constrained to 0.49 - 0.59 kgLiBr/kg. With this range, performance analysis of the system was conducted through simulation modelling. Total COP of the steady-state cycle reached the maximum of 0.80, and the hybrid heat pump cycle becomes identical with the single-effect absorption chiller at the maximum COP condition. In case of the storage mode, the maximum total COP reduced to 0.30 due to lack of internal heat recovery, and the maximum energy storage density(ESD) of 402.4 kJ/kg is achieved. It is found that refrigerant circulation ratio and solution circulation ratio acts as major factor. Especially, the performance of the storage mode is dominantly affected by the solution circulation ratio, which suggests criteria to design the presented system.