A drive system of a hybrid vehicle including an internal combustion engine, a first motor-generator, a power division mechanism, a speed change mechanism including a second output shaft, a second motor-generator including a third output shaft connected to a power transmission path transmitting a power from the second output shaft to an axle, a one-way clutch interposed between the second output shaft and the third output shaft in the power transmission path, and an electric control unit including a microprocessor to control the speed change mechanism. The speed change mechanism includes a first engagement mechanism and second engagement mechanism, and the microprocessor is configured to control the speed change mechanism so as to disengage one of the first engagement mechanism and the second engagement mechanism in engaged state and engage the other thereof in disengaged state, in accordance with a speed change instruction.