The Software Development industry has been on the rise for the last decade and does not seem to go any other way in the near future. To continue that way and tackle any issues that cannot be overcome by the implementation of a purely Agile or Traditional approach, project management professionals began focusing on the integration of traditional Waterfall and Agile methodologies to develop hybrid project management strategies. The study serves to investigate the efficacy, problems, and consequences of hybrid techniques in IT project management. Organizations aim to balance the two methodologies in favor of the advantages of predictability and flexibility on their projects. The study examines several hybrid models such as Waterfall-Agile and Agile-Stage-Gate, using a thorough literature analysis to shed light on their applicability and outcomes in real-world project circumstances. Theoretical frameworks are examined to grant a firm basis for comprehending the concepts and actions that comprise hybrid project management. The study uses qualitative research approaches in its methodology, following the phenomenological study design, collecting data through in-depth semi-structured interviews, and analyzing the raw data with thematic analysis. In hybrid project contexts, data-collecting strategies are centered on gathering insights into stakeholder expectations, organizational dynamics, complexity management, process optimization, and leadership decision-making. The results demonstrate the complex interactions that occur between adaptive execution and structured planning in hybrid project management, emphasizing the advantages of improved stakeholder participation, risk management, and cooperation. Nevertheless, companies encounter many major challenges when applying hybrid approaches, including but not limited to communication barriers, reluctance to change, and integration complexity. The thesis concludes by highlighting the need for a customized strategy that is in line with project objectives and those of the organization. It provides insightful information on the practical implications of hybrid project management. By laying the groundwork for future research and industry best practices in hybrid project execution, the study adds to the current conversation on project management approaches.