A novel parallel hybrid electric vehicle (PHEV) configuration consisting of an extra one-way clutch and an automatic mechanical transmission (AMT) is taken as the study subject of this paper. An energy management strategy (EMS) combining a logic threshold approach and an instantaneous optimization algorithm is developed for the investigated PHEV. The objective of this EMS is to achieve acceptable vehicle performance and drivability requirements while simultaneously maximizing engine fuel economy and maintaining the battery state of charge (SOC) in its rational operation range at all times. Under the MATLAB/Simulink environment, a computer simulation model of the studied PHEV is established using the bench test results. Simulation results for the behavior of the engine, motor, and battery illustrate the potential of the proposed control strategy in terms of fuel economy and in keeping the deviations of SOC at a low level.