Autonomous underwater vehicles (AUVs) are increasingly being applied to highly detailed survey and inspection tasks over large ocean regions. These vehicles are required to have underwater hovering and low-speed cruising capabilities, and energy-saving property to enable long-range missions. To this end, a combined depth control strategy is proposed in which an on-off type variable ballast system (VBS) is adopted for satisfactory hovering or fast descending/ascending without propulsion to reach the designated cruising depth, whereas the bow and stern fins act as the actuator to maintain the cruising depth for more energy saving. A hierarchical architecture-based VBS controller, which comprises a ballast water mass planner and an on-off mass flowrate controller, is developed to assure good hovering performance of the on-off type VBS. Both numerical studies and basin tests are conducted on a middle-sized AUV to verify the feasibility and validity of this depth control strategy.