It is difficult to analytically derive a volumetric displacement formula of gerotor hydraulic pump/motor because geometric shape of rotors is complicated. An analytical method about the volumetric displacement is proposed in this work, which is relatively easy and based upon two physical concepts. The first one is energy conservation between hydraulic energy of the pump/motor and mechanical input/output energy. The second concept is torque equilibrium with respect to inner and outer rotors. The formula about the volumetric displacement is derived for the common case of inner and outer rotors rotate with respect to fixed axes. The formula is verified by comparing another analytical displacement formula, and it is numerically verified by comparing numerical results, which is calculated for geometric specification of a motor. The numerical displacement is calculated through CAD software program and MATLAB program. The proposed analytical formula can be utilized in analysis and design of hydraulic gerotor motors.