A hybrid vehicle includes an electronic control unit configured to: set a target rotation speed of an engine based on a vehicle speed and a shift position; set a driving force when an upper-limit power is output to a drive shaft as an upper-limit driving force; set a target engine power such that the smaller of the upper-limit driving force and the required driving force is output to the drive shaft; and control the engine, the first motor, and the second motor such that the engine to rotate at the target rotation speed and to output the target power. At this time, the upper-limit power is set to be lower when a coolant temperature of the engine is low than when the coolant temperature is high.