Hybrid precoding and combining have been considered as a promising tech-nology, which can provide a compromise between hardware complexity and system performance in millimeter wave multiple-in-put multiple-output systems. However, most existing hybrid precoder and combiner designs generally assume that infinite resolution phase shifters (PSs) are used to produce the analog beamformers. In a practical scene, the design with accurate PSs can lead to high hardware cost and power consumption. In this paper, we investigate the hybrid precoder and combiner design with finite resolution PSs in millimeter wave systems. We employ altate optimi-zation as the main strategy to jointly design analog precoder and combiner. In addition, we propose a low complexity algorithm, where the analog beamformers are implemented only by finite resolution PSs to maximize spectral efficiency. Then, the digital precoder and combiner are designed based on the obtained analog beamformers to improve the spectral efficiency. Finally, simulation results and mathematical analysis show that the proposed algorithm with low-resolution PSs can achieve near-optimal performance and have low com-plexity.