This paper presents a finite buffer M/G/1 queue with two classes of customers who are served by a combination of head-of-the-line priority and buffer reservation schemes. This combination gives each class of customers high or low priorities in terms of both delay and loss. The scheme is analyzed for the model in which one class of customers has high priorities over the other class of customers with respect to both delay and loss. First, steady-state joint probability distribution of the number of each class of customers in the buffer and remaining service time is derived by a supplementary variable method. Second, loss probability and mean waiting time for each class of customers are provided using this probability distribution. Finally, a combination of head-of-the-line priority and buffer reservation schemes is numerically compared with other buffer management schemes in terms of admissible offered load to show its effectiveness under differing QoS requirements.