The development of energy management strategy (EMS), which considers how power is distributed between the battery and ultracapacitor, can reduce the electric vehicle’s power consumption and slow down battery degradation. Therefore, the purpose of this paper is to develop an EMS for hybrid energy storage electric vehicles based on Pontryagin’s minimums principle (PMP) considering battery degradation. To verify the EMS, the hybrid energy storage electric vehicle model is first established. In the meantime, the battery cycle life trials are finished in order to develop a battery degradation model. Following that, a rule-based control approach and the PMP optimization algorithm are used to allocate power in a hybrid energy storage system (HESS) in a reasonable manner. Finally, a simulation experiment under urban dynamometer driving schedule (UDDS) settings verifies the established EMS, and the findings reveal that the suggested EMS has a lower energy consumption rate and battery deterioration rate than the rule-based method.