The dual-phase lattice structure composed of the matrix phase (MP) and the reinforcement phase (RP) is a novel hybrid lattice showing excellent energy absorption ability. However, the mechanical behavior of the dual-phase lattice structure under dynamic compression and the enhancement mechanism of the reinforcement phase have not been widely studied with the increase in compression speed. Based on the design requirements of dual-phase lattice materials, this paper combined octet-truss cell structures with different porosities, and the dual-density hybrid lattice specimens were fabricated via the fused deposition modeling technique. Under quasi-static and dynamic compressive loadings, the stress–strain behavior, energy absorption capacity, and deformation mechanism of the dual-density hybrid lattice structure were studied. The results showed that the quasi-static-specific energy absorption of the dual-density hybrid lattice structure was significantly higher than that of the single-density Octet lattice, and with the increase in compression strain rate, the effective specific energy absorption of the dual-density hybrid lattice structure also increased. The deformation mechanism of the dual-density hybrid lattice was also analyzed, and the deformation mode changed from an inclined deformation band to a horizontal deformation band when the strain rate changed from 10−3s−1to 100 s−1.