Hybrid bonded/bolted (HBB) joint has been widely used in engineering practice because it can overcome the potential weakness of pure bonded and pure bolted joints. However, studies on HBB joint are still at the initial stage. In this paper, tensile properties of a composite–metal single-lap HBB joint was investigated experimentally. And a detailed finite element model (FEM) was established to simulate the tensile behavior of the joint. The model was verified by the experimental results. Then the damage propagation and load transfer mechanism were explored based on the FEM. The results show that the HBB joint can provide multi-load transmission paths and resist damage propagation in the adhesive. The HBB joint has higher strength and energy absorption capacity than the pure bonded joint. And the HBB joint has greater initial damage load and tensile stiffness than pure bolted joint. Adhesive fillets can obviously improve the tensile performances of the HBB joint. Lateral stiffness of the joint boundary and testing machine show obvious effects on tensile performances of single-lap hybrid joints.