The amount of hybrid vehicles and their contribution have increased in the global market. They are a promising aspect for a decrease in emissions. Different tests are used to determine the factors of such emissions. The goal of the present study was to compare the emissions of two hybrid vehicles of the same manufacturer: the plug-in version and the HEV version (gasoline + electric engine). These vehicles were chosen because they comprise the largest market share of hybrid cars in Poland. The exhaust emission tests were conducted in the WLTC tests on a chassis dynamometer and under real traffic conditions. Simultaneous testing on a dyno and under real driving is the most adequate test to assess the environmental aspects of vehicles—especially hybrids. The combustion engines of the tested vehicles were supplied with gasoline containing 5% biocomponents. The emissions, including CO2, CO, NOx, THC and PNs, were measured in accordance with the European Union procedure. According to the latter, the resistance to motion of the chassis dyno was adjusted to the road load, allowing the hybrid vehicles to move in electric mode and allowing the dynamometer to operate in energy recovery mode. The obtained emissions of CO2, CO, NOx and THC in the case of the plug-in hybrid vehicle were lower by 3%, 2%, 25%, and 13%, respectively, compared to the case of HEV. Fuel consumption in the case of the plug-in hybrid vehicle was lower by 3%, and PN was lower by 10% compared to the case of HEV (WLTC). In real driving conditions, the differences were more pronounced in favour of the plug-in vehicle: CO2 emissions in the RDE test were 30% lower, NOx emissions were 50% lower, and PN was 10% lower. An increase in emissions was only observed for CO2 emissions—the plug-in vehicle’s on-road emissions were 6% higher compared to the HEV. The obtained emissions for FC and PN varied with actual velocity values due to competitive driving between a combustion engine and an electric motor, as well as existing acceleration and deceleration events during the test and other factors.