A dual-source multi-mode power supply system includes a battery power supply, a first DC bus, an electric power generating system and a second DC bus. The battery power supply includes a DC-DC converter circuit configured to convert a first DC voltage into a second DC voltage for supplying power to the first DC bus. The electric power generating system includes a permanent magnet generator and an active rectifier circuit configured to convert a variable-voltage/variable-frequency output into a constant high-voltage direct current (HVDC) to supply power to a second DC bus. An electronic coordinated control module determines a load request, and controls one or more switch such that the power from the first DC bus and power from the second DC bus are delivered to the loads to satisfy the load request.