The phasmatodea population evolution algorithm (PPE) is a recently proposed meta-heuristic algorithm based on the evolutionary characteristics of the stick insect population. The algorithm simulates the features of convergent evolution, population competition, and population growth in the evolution process of the stick insect population in nature and realizes the above process through the population competition and growth model. Since the algorithm has a slow convergence speed and falls easily into local optimality, in this paper, it is mixed with the equilibrium optimization algorithm to make it easier to avoid the local optimum. Based on the hybrid algorithm, the population is grouped and processed in parallel to accelerate the algorithm’s convergence speed and achieve better convergence accuracy. On this basis, we propose the hybrid parallel balanced phasmatodea population evolution algorithm (HP_PPE), and this algorithm is compared and tested on the CEC2017, a novel benchmark function suite. The results show that the performance of HP_PPE is better than that of similar algorithms. Finally, this paper applies HP_PPE to solve the AGV workshop material scheduling problem. Experimental results show that HP_PPE can achieve better scheduling results than other algorithms.