We suggest a combined modulation quantum key distribution (QKD) system which encodes each single-photon signal with both phase modulation and polarization modulation. With the aid of dual-velocity protocol of hybrid QKD system, we construct a scheme to realize this combined modulation QKD which generates two-bit key with one signal for increasing the efficiency of QKD. We also develop a combined modulation Michelson QKD system, then solve the stability problem of the combined modulation QKD system in principle.