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To improve vehicle performance and energy utilization, a novel planetary gear set based flywheel hybrid electric powertrain (PGS-FHEP) is proposed. The PGS-FHEP involves an internal combustion engine, a planetary gear set that integrated a control motor and an energy storage flywheel, which combines the high efficiency of the mechanical flywheel energy storage system with the flexible and controllable characteristics of the electric motor. The powertrain is analyzed and modeled using lever analogy method, and a rule-based control strategy is designed and verified under different test cycles. The simulation results indicate that compared with the traditional manual transmission vehicle, the fuel economy of the vehicle equipped with PGS-FHEP can be improved by more than 50%, and the acceleration performance can be increased by 28.01%. Up to 60.61% of vehicle kinetic energy can be recovered by PGS-FHEP, among which 37.85% can be directly captured by the energy storage flywheel. In addition, the battery charging power is reduced, which is beneficial to prolong the battery life.