The piezoelectric and electromagnetic hybrid vibration energy harvester (HVEH) has proven to be a favorable option to deal with the low power generation issue and overcome the drawbacks of each individual transduction mechanism. Besides, colored Lévy noise consisting of small perturbations, large jumps, and correlation time turns out to be a relatively suitable tool for describing the complex environments. For the purpose of enhancing the harvesting performance of HVEH, the stochastic dynamics induced by colored Lévy noise in a tri-stable HVEH is mainly investigated in this paper. The stationary probability density, the largest Lyapunov exponent, the signal-to-noise ratio, and the mean harvested power are calculated to explore the stochastic dynamics of system, such as the stochastic response, the stochastic stability, the stochastic resonance (SR), and the energy harvesting performance. The results show that the colored Lévy noise can induce stochastic P-bifurcation, D-bifurcation, and SR phenomenon. In particular, the comparisons between colored Lévy noise and colored Brownian noise in dynamics and harvesting performance are also discussed in detail. It is found that the colored Lévy noise can make a greater contribution than colored Brownian noise in the effective voltage and help to improve the mean harvested power through the SR effect.