A hybrid power train for a vehicle may include a shift module with a plurality of shift steps of a synchro-mesh type provided on a first input shaft and an output shaft, a second input shaft driven by a motor and arranged coaxially with the first input shaft, a shaft clutch means for coupling/decoupling the second input shaft and the first input shaft, a motor side driving gear arranged rotatably on the second input shaft, a motor side driven gear arranged rotatably on the output shaft to be meshed with the motor side driving gear, a first clutch means for coupling/decoupling the motor side driving gear to/from the second input shaft, a second clutch means provided for coupling/decoupling the motor side driven gear to/from the output shaft, and a variable gear ratio providing means provided on the second input shaft to alternatively transfer a rotational force of the second input shaft to the output shaft.