We propose an inflationary model ("natural hybrid model"), which combines the supersymmetric hybrid model and the natural inflation model to achieve the spectral index of 0.96, and the axion decay constant smaller than the Planck scale, f ≪ M P . By introducing both U(1) R and a shift symmetry and employing the minimal Kähler potential, the eta-problem can be still avoided. The two inflaton fields in this model can admit large non-Gaussianity.Inflation [1] is known to be the best solution to the fine tuning problems associated with the initial conditions of the universe in the standard big bang cosmology: it resolves so-called the "homogeneity problem" and "flatness problem." Moreover, quantum fluctuation of the inflaton fields generated during inflation can eventually provide seeds of large scale structure (LSS) observed in our universe [2]. Thus, it has been tested by observing the fluctuations in the LSS, the temperature anisotropy in the cosmic microwave background (CMB), and so on through the satellite experiments such as COBE [3] and Wilkinson Microwave Anisotropy Probe (WMAP) [4] so far, and also will be more precisely checked by Planck [5] in the near future.The recent WMAP seven data [4] shows that the initial density perturbation is almost scale invariant and Gaussian with n ζ = 0.96 +0.014 −0.013 and −10 < f local NL < 74 at the 95% confidence level. The single field chaotic inflation is well consistent with the current observation, implying very small non-Gaussianity suppressed by the slow-roll parameters [6]. If sizable non-Gaussianity will be detected in Planck satellite experiment in the near future, however, it will play the role of the criterion to select a realistic inflationary model.Inflationary scenario is based on scalar field theory. Although inflationary scenario seems to be inevitable in cosmology, it is very non-trivial to realize in quantum field theory. In order to keep the small inflaton mass against quantum corrections, introduction of supersymmetry (SUSY) is helpful as in particle physics. Unless an inflationary model is not very elaborately constructed, however, introduction of SUSY is not enough: the positive vacuum energy in supergravity (SUGRA) induces the Hubble scale inflaton mass, yielding η ∼ O(1) during inflation, which destroys the slow-roll condition. It is called the "eta-problem.""Hybrid inflation" [7] is basically an two field model with one as inflaton and the other, called waterfall field, to terminate the inflation when it becomes tachyonic. The advantage of it is that the inflaton's field value is small compared to the Planck scale, and thus it is legitimate to use the low energy effective theory. In the SUSY version of hybrid inflation [8,9], the potential can be made flat enough, avoiding the eta-problem: fortunately the Hubble induced mass term is accidentally cancelled out with the minimal Kähler potential and the Polonyi type superpotential during inflation. The specific form of the superpotential can be guaranteed by the introduced U(1) R symmetry.By the log...