Multi-character role-playing aims to equip models with the capability to simulate diverse roles. Existing methods either use one shared parameterized module across all roles or assign a separate parameterized module to each role. However, the role-shared module may ignore distinct traits of each role, weakening personality learning, while the role-specific module may overlook shared traits across multiple roles, hindering commonality modeling. In this paper, we propose a novel \textbf{HyCoRA}: \textbf{Hy}per-\textbf{Co}ntrastive \textbf{R}ole-\textbf{A}daptive learning framework, which efficiently improves multi-character role-playing ability by balancing the learning of distinct and shared traits. Specifically, we propose a Hyper-Half Low-Rank Adaptation structure, where one half is a role-specific module generated by a lightweight hyper-network, and the other half is a trainable role-shared module. The role-specific module is devised to represent distinct persona signatures, while the role-shared module serves to capture common traits. Moreover, to better reflect distinct personalities across different roles, we design a hyper-contrastive learning mechanism to help the hyper-network distinguish their unique characteristics. Extensive experimental results on both English and Chinese available benchmarks demonstrate the superiority of our framework. The further GPT-4 evaluations and visual analyses also verify the capability of HyCoRA to capture role characteristics.