Under the background of excess capacity and energy saving in iron and steel enterprises, the hot rolling batch scheduling problem based on energy saving is a multi-objective and multi constraint optimization problem. In this paper, a hybrid multi-objective prize-collecting vehicle routing problem (Hybrid Price Collect Vehicle Routing Problem, HPCVRP) model is established to ensure minimum energy consumption, meet process rules, and maximize resource utilization. A two-phase Pareto search algorithm (2PPLS) is designed to solve this model. The improved MOEA/D with a penalty based boundary intersection distance (PBI) algorithm (MOEA/D-PBI) is introduced to decompose the HPCVRP in the first phase. In the second phase, the multi-objective ant colony system (MOACS) and Pareto local search (PLS) algorithm is used to generate approximate Pareto-optimal solutions. The final solution is then selected according to the actual demand and preference. In the simulation experiment, the 2PPLS is compared with five other algorithms, which shows the superiority of 2PPLS. Finally, the experiment was carried out on actual slab data from a steel plant in Shanghai. The results show that the model and algorithm can effectively reduce the energy consumption in the process of hot rolling batch scheduling.