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Energy management strategies greatly influence the power performance and fuel economy of series hybrid electric tracked bulldozers. In this paper, we present a procedure for the design of a power management strategy by defining a cost function, in this case, the minimization of the vehicle’s fuel consumption over a driving cycle. To explore the fuel-saving potential of a series hybrid electric tracked bulldozer, a dynamic programming (DP) algorithm is utilized to determine the optimal control actions for a series hybrid powertrain, and this can be the benchmark for the assessment of other control strategies. The results from comparing the DP strategy and the rule-based control strategy indicate that this procedure results in approximately a 7% improvement in fuel economy.