Organizations using hybrid agile and traditional project portfolio management (PPM) methods have become widespread. Hybrid PPM potentially balances the need for adaptability while maintaining predictability. However, it consists of incompatible thinking, and there is insufficient knowledge on understanding and coping with its paradoxes. We deconstruct our data into thinking elements by drawing on data from four large companies. We show how the elements’ incomparable thinking turns into paradoxes among three organizational levels and call for strategies to cope with the identified paradoxes.