The penetration of renewable energy sources (RESs) in the distribution system becomes a challenge for the reliable and safe operation of the existing power system. The sporadic characteristics of sustainable energy sources along with the random load variations greatly affect the power quality and stability of the system. Hence, it requires storage systems with both high energy and high power handling capacity to coexist in microgrids. An efficient energy management structure is designed in this paper for a grid-connected PV system combined with hybrid storage of supercapacitor and battery. The combined supercapacitor and battery storage system grips the average and transient power changes, which provides a quick control for the DC-link voltage, i.e., it stabilizes the system and helps achieve the PV power smoothing. The average power distribution between the power grid and battery is done by checking the state of charge (SOC) of a battery, and an effective and efficient energy management scheme is proposed. Additionally, the use of a supercapacitor lessens the current stress on the battery system during unexpected disparity in the generated power and load requirement. The performance and efficacy of the proposed energy management scheme are justified by simulation studies.