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The plug-in hybrid electric bus (PHEB) is an important means of public transportation. For PHEB, this article proposes an energy management strategy that considers both gear shift control and power splitting. For gear shift control, a large number of gear-switching data under different working conditions are calculated by using the dynamic programming algorithm. The neural network is trained by these data in the offline part so that it can provide the appropriate gear-switching signal in time in the online model. For power-split control, this article mainly selects an improved equivalent fuel consumption minimization strategy (ECMS) and uses the grey wolf optimization algorithm to iteratively solve the optimal equivalent factor. The proposed control strategy has not only been verified under various operating conditions but also verified by relevant experiments on the hardware-in-the-loop platform. The results show that the proposed strategy has better fuel economy than ECMS and the rule-based strategy under the provided mixed operating conditions. Compared with the dynamic programming algorithm, the fuel consumption is only increased by 3.23%, but the problem of the curse of dimensionality is avoided.