Lightweight　sandwich　panels　with　fluid-through　cellular　cores　are　promising　for　applications　requiring　simultaneous　load-bearing　and　heat　dissipation　such　as　the　combustion　chamber　of　scramjet.　While　existing　core　topologies　have　exhibited　good　designability　for　specific　thermal　or　mechanical　requirements,　the　increasing　demand　for　multifunctional　attributes　usually　points　to　different　core　topology　designs.　Finding　a　single　core　topology　that　possesses　excellent　mechanical　and　thermal　properties　simultaneously　remains　challenging.　To　address　the　issue,　the　concept　of　a　hybrid　core　(termed　herein　as　the　N　core)　that　combines　the　conventional　corrugated　core　with　the　web　core　was　proposed　to　mitigate　confliction　between　thermal　and　mechanical　designs.　Out-of-plane　compressive　characteristics　of　the　hybrid　cored　sandwich　panel　was　investigated　theoretically,　numerically　and　experimentally.　An　elastic-plastic　analytical　model　was　developed　to　predict　the　out-ofplane　compressive　behavior,　with　connection　strength　between　facesheets　and　core　as　well　as　non-uniform　strut　thickness　accounted　for.　For　validation,　test　sample　was　fabricated　using　3D-printing　technology　and　tested　under　quasi-static　out-of-plane　compression.　The　validated　model　was　then　employed　to　exploit　optimal　configuration　of　the　N　core　and　maximum　load　capacity　of　the　panel　at　minimal　weight.　It　was　demonstrated　that,　due　to　non-uniform　strut　thickness,　the　hybrid　structure　exhibited　stepwise　deformation,　i.e.,　initial,　subsequent　and　ultimate　failures.　Under　the　constraint　of　equal　mass,　the　load　capacity　of　either　the　hybrid　or　corrugated　core　is　superior　to　the　web　core,　while　both　the　hybrid　and　web　cores　outperform　the　corrugated　core　in　terms　of　active　cooling　capacity.　For　multifunctional　applications,　the　proposed　hybrid　corrugated　core　possesses　comprehensive　thermal　and　mechanical　advantages　over　conventional　corrugated　and　web　topologies.