In DC microgrids with hybrid energy storage systems, photovoltaic output fluctuations and load disturbances easily cause DC bus voltage oscillations, power allocation imbalance, and slow control response. To address these issues, a coordinated control strategy for hybrid energy storage that achieves both bus voltage smoothing and fast power response was proposed in this paper. Firstly, in the voltage outer loop, an improved droop control strategy based on virtual impedance was adopted. Power reference commands for the battery energy storage and the supercapacitor energy storage were generated through frequency division. These commands were then converted into inner-loop current reference commands. The influence of line impedance differences on power allocation was also overcome by this strategy. Secondly, in the current inner loop, an incremental model predictive control was adopted. The optimization objectives of its cost function were defined as current tracking error and control smoothness. The optimal control increment was obtained by solving a quadratic programming problem. As a result, the dynamic response speed and steady-state control accuracy of the system were effectively enhanced. Then, a small-signal model was established to analyze the system stability, and the feasible ranges of the relevant control parameters were derived. Finally, the effectiveness and superiority of the proposed control strategy are validated through simulation and experimental results.