Hybrid laser-double-arc welding (HLDAW) is an efficient welding method with multi-heat sources comprised of two arcs and a laser beam, which is an intricate process with much randomness and uncertainty due to the mutual effect between multi-plasmas. Compared with double-arc welding (DAW), HLDAW can generally obtain a more stable welding process and deeper weld penetration, which is directly affected by the synergistic effect of multiple heat sources; however, the mechanism has not been systematically studied. In this study, the multi-information analysis method is adopted to study the distribution of electron temperatures, electron densities and electrical conductivity of double-arc welding (DAW) and HLDAW by utilizing synchronous radiation spectrum, high-speed photography and electrical signal sensing technology. The results indicated that the high concentration of charged particles provided a conductive channel for the two arcs to achieve a more stable welding process in HLDAW. The synergy between the laser and the arc changed the flow mode of the weld pool, which facilitated the molten metal flowing toward the bottom of the molten pool. Obtaining the same melting depth, the line energy input of HLDAW was 13% lower than that of DAW; the heat affected zone is narrower and the grain size is smaller. The weld penetration depth was improved in HLDAW, which was 1.8 times that of DAW and 1.5 times that of pure laser welding under the laser power of 1.5 kW. The weld penetration of HLDAW increased with laser power.