SummaryIn this paper, the problems of stability and stabilization are considered for a class of switched linear systems with slow switching and fast switching. A multiple convex Lyapunov function and a multiple discontinuous convex Lyapunov function are first introduced, under which the extended stability and stabilization results are derived with a mode‐dependent average dwell time switching strategy, where slow switching and fast switching are exerted on stable and unstable subsystems, respectively. These two types of Lyapunov functions are established in a constructive manner by virtue of a set of time‐varying functions. By using our proposed approaches, larger stability regions of system parameters are identified, and tighter bounds can be obtained for the mode‐dependent average dwell time. New mode‐dependent and time‐varying controllers are constructed for a class of switched control systems with stabilizable and unstabilizable subsystems as well. All the stability and stabilization conditions can be given in terms of strict linear matrix inequalities (LMIs), which can be checked easily by using recently developed algorithms in solving LMIs. Finally, two numerical examples are provided to show the effectiveness of the obtained results compared with the existing results.