A hybrid vehicle includes a power transmission unit configured to switch a power transmission path between an engine, a first MG, and a second MG. The control device is configured such that, during execution of regenerative braking using at least one of the first MG and the second MG while the engine is stopped, when a state amount indicating a state related to a battery has reached a determination threshold, the control device executes a standby operation in which the state of the power transmission unit is brought from a current state closer to a state that enables an engine brake operation in which the engine in a fuel-cut state is rotated using an external force to generate a loss.