Vehicle performance and energy efficiency can be significantly enhanced by planetary gear set based flywheel hybrid electric powertrain (PGS-FHEP). In this study, the main components were designed and matched, and dynamic programming (DP) control strategy was introduced based on the equivalent energy minimum control strategy (ECMS) to obtain the optimal SOC trajectory. The initial optimal equivalent factor obtained by genetic algorithm (GA) was adjusted in real time to ensure that the actual SOC trajectory is consistent with the optimal trajectory. Thus, a real-time adaptive equivalent energy minimum control strategy (A-ECMS) was built, and the three control strategies were simulated and compared under CLTC-C condition. The results show that under the control of A-ECMS, compared with the traditional ECMS, the comprehensive energy consumption of the flywheel hybrid electric vehicle (FHEV) 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.