Speculative decoding (SPD) aims to accelerate the auto-regressive token generation process of a target Large Language Model (LLM). Some approaches employ a draft model with multiple heads to predict a sequence of future tokens, where each head handles a token in the sequence. The target LLM verifies the predicted sequence and accepts aligned tokens, enabling efficient multi-token generation. However, existing methods assume that all tokens within a sequence are equally important, employing identical head structures and relying on a single-generation paradigm, either serial or parallel. To this end, we theoretically demonstrate that initial tokens in the draft sequence are more important than later ones. Building on this insight, we propose Gumiho, a hybrid model combining serial and parallel heads. Specifically, given the critical importance of early tokens, we employ a sophisticated Transformer architecture for the early draft heads in a serial configuration to improve accuracy. For later tokens, we utilize multiple lightweight MLP heads operating in parallel to enhance efficiency. By allocating more advanced model structures and longer running times to the early heads, Gumiho achieves improved overall performance. The experimental results demonstrate that our method outperforms existing approaches, fully validating its effectiveness.