Vehicle performance and energy efficiency can be significantly enhanced by PGS-FHEP (planetary gear set based flywheel hybrid electric powertrain). The main components were designed and matched, and DP (dynamic programming) control strategy was introduced based on ECMS (equivalent consumption minimization strategy) to obtain the optimal SOC (state of charge) trajectory. The initial optimal equivalent factor obtained by GA (genetic algorithm) was adjusted in real time to ensure that the actual SOC trajectory is consistent with the optimal trajectory. Thus, a real-time A-ECMS (adaptive equivalent consumption minimization strategy) was built, and the three control strategies were simulated and compared under CLTC-C (China light-duty commercial vehicle test cycle) condition. The results show that under the control of A-ECMS, compared with the traditional ECMS, the comprehensive energy consumption of FHEV (flywheel hybrid electric vehicle) equipped with the PGS-FHEP is reduced by 2.51%, and the control effect is closer to the DP control strategy. The energy recovery rate of the PGS-FHEP is 57.72%, of which 23.64% is recovered in the form of mechanical energy. In addition, the participation of the flywheel significantly reduces the peak power of the battery during energy recovery process.