An energy management control strategy based on the instantaneous optimization method of equivalent consumption minimization strategy (ECMS) under motor power compensation for mild hybrid vehicles is proposed in this study to improve fuel economy and ensure the dynamic performance of cars. A mild hybrid platform is built, and the future supplementary model of electric energy and the future consumption model of electric energy are established according to different power flow directions. It determines the equivalent fuel consumption rate of powertrain as the objective function by defining the equivalent factor and corresponding derivation, carries out optimization calculation, and obtains the energy distribution relationship between the engine and the motor. The motor power compensation strategy based on the control strategy is adopted to solve the effect of turbocharged engines’ transient response on vehicle dynamics and fuel economy. The actual results showed that vehicle power and fuel economy can be improved under the control strategy and compensation strategy design. Meanwhile, different motors allow the compensating coefficient to have different power-boosting and fuel economy effects.