The technology of energy management strategy plays an important role in the field of hybrid cars. This paper mainly studies the issue of energy management strategy, which aims at building up a hybrid vehicle simulation model involving vehicle longitudinal dynamics, engine, generator, drive motor, and power battery of parallel hybrid vehicles. On the basis of the simulation model, the basic energy circulation ways are studied, and according to which the optimization objective function is formulated and the initial equivalent factor is taken as the design variable to be optimized. Furthermore, through optimizing the initial equivalent factor calculating coefficient, engine starting torque and transmission main reduction ratio, under the condition that the SOC of power battery is restricted to [-3%,3%], the hybrid vehicle multi-objective optimization model on energy management strategy is built by means of the multi-objective particle swarm optimization algorithm. In simulations, an engine torque fluctuation constraint model is also added, which can turn the engine power fluctuation into equivalent fuel consumption to achieve the purpose of further enhancing the vehicle performance under the energy management strategy. According to the hybrid vehicle energy management strategy multi-objective optimization model proposed in this paper, the optimal solution set of energy management strategy is gained. Not only can it effectively improve engine working efficiency, keeping the efficiency of engine within the range of 0.20-0.35, but also can reach 9.82% improvement of the whole vehicle fuel economy on average.