The demand for rapid and low-cost tooling is growing in industries where rapid customization, low-volume production, and complex part geometries are critical. Although additive manufacturing (AM) has partially addressed these needs, limitations in material properties for some special applications, surface quality, and production costs restrict its widespread use in advanced tooling. This paper introduces a new low-cost agile tooling solution that integrates multi-material modular design with hybrid manufacturing, which is here called hybrid modular tooling (HMT). The HMT system consists of a reusable steel base, or "Mother Tool," compatible with various applications, and customized 3D-printed polymer inserts laminated with sheet metal which is deformed via the hybrid process of polymer injection forming (PIF). The sheet metal can be bonded to the polymer insert through a heat-activated adhesive or mechanical fasteners, creating a high-quality, durable surface that rivals traditional steel or aluminum tools, and the thickness of the sheet metal layer can be varied depending on the design requirements, allowing for post-machining to achieve sharp corners and intricate details not possible through molding alone. This modular design enables the Mother Tool to serve as a foundation for various inserts tailored to specific production needs, making it a versatile option for industries that require frequent design changes or small production runs. By incorporating 3D-printed polymer inserts laminated with a sheet metal layer, this HMT solution addresses many of the current challenges faced by AM technologies.By reducing the need for multiple tooling setups, streamlining production, and enhancing flexibility, the HMT approach represents a significant advancement in the development of low-cost, high-performance tooling solutions. These capabilities make HMT particularly well-suited for industries that require adaptable and efficient solutions to keep pace with changing production demands.