In this study, the axial crushing behavior of aluminum/carbon fiber reinforced plastic (CFRP) hybrid tubes are systematically investigated numerically based on a three‐dimensional (3D) progressive damage model. Experiments concerning hybrid tubes with 1/1 and 2/1 lay‐up configurations are performed first to validate the numerical model. Then, the effects of chamfer at the end, stacking configuration, aluminum‐CFRP bonding state and thickness ratio of individual layers on the energy absorption characteristics of aluminum/CFRP tubes are further numerically analyzed. The simulation results suggest that the 3D progressive damage model can effectively simulate the crushing failure process and reveal the energy dissipation mechanism of aluminum/CFRP hybrid tube under crushing. It is observed that increasing the thickness of the CFRP layer does not promote the energy absorption, but the best energy absorption effect can be obtained by using a 1:1 ratio for the thicknesses of the inner and outer aluminum alloy layers in 2/1 hybrid tube. Finally, the economic performance of 2/1 hybrid tube, 1/1 hybrid tube, and aluminum alloy tube as energy‐absorbing structures is theoretically examined. The balance between mass and cost of the 2/1 hybrid tube is proven to be evidently better than that of the conventional 1/1 hybrid tube.