Mining shovel has been the most critical equipment for high-efficiency production in open-pit mining, it adopts electric motor to drive hoisting and slewing system separately. However, in the process of falling the hoisting device and decelerating the slewing platform, the driving motors are in the power generation state, and the electric energy is dissipated in the form of heat energy through the braking resistor, which causes a large amount of energy waste. To achieve energy saving, this article proposes a novel hydraulic-electric hybrid driving system. In the proposed system, the auxiliary hydraulic system is used to store the energy generated by the motor in the form of hydraulic accumulator pressure. When the hoisting system lifts or slewing platform accelerates, the energy is reused to assist the motor in the form of supporting torque. The recovery and reuse of the dynamic potential energy of the shovel can reduce the energy loss and installed power of the driving motor. In addition, the additional supporting torque also increases the safety of the pure electric drive system. In this paper, firstly, the hydraulic-electric hybrid driving principle is introduced. Then, a small-scale testbed is set up to verify the feasibility of the system. Finally, a co-simulation model of the proposed system is established to clarify the system operation and energy consumption characteristics, and to analyze the impact of different parameters of key energy storage components on system performance. Through the test and simulation of the proposed system, compared with the traditional purely electric driving system, the peak power and energy consumption of the hoisting motor are reduced by 36.7% and 29.7%, and those of the slewing motor are decreased by 86.9% and 59.4%, respectively.