When a required speed ratio as a required value of a speed ratio between an engine and a driveshaft becomes equal to or less than a lower limit speed ratio that is not more than an n-th shift speed ratio during an n-th speed state of a transmission, a hybrid vehicle controls the engine, two motors, and the transmission to ensure output of power based on a torque demand to the driveshaft while performing an engine rotational speed adjustment of making a rotational speed of the engine equal to a shift rotational speed corresponding to an upper side shift speed ratio or an effective shift speed ratio and a shift from an n-th speed state to an (n+1)-th speed state.