[Objective] In the context of energy scarcity and low-carbon shipping, efficient energy management is critical for hybrid electric vessels. This paper proposes an improved multi-mode power-following control strategy to address the limitations of conventional methods, such as high energy consumption and poor adaptability. [Methods] Firstly, the overall architecture of the hybrid power system was analyzed, and the parameter matching and model construction for the target vessel’s power system were completed. Subsequently, an improved multi-mode power-following energy management strategy was designed with the objective of enhancing system operational efficiency, adopting a hierarchical control architecture: decentralized power control was implemented in the first layer to achieve precise and optimal regulation of various power supply devices; the second layer utilized an improved multi-mode equivalent cost minimization strategy to holistically optimize overall energy consumption while ensuring smooth and accurate power tracking. Finally, the effectiveness of the energy management control strategy for the ship hybrid power system was validated on a Matlab-based real-time simulation platform. [Results] Simulation results demonstrated that the proposed strategy reduced hydrogen consumption by 23.81% compared to conventional strategies. [Conclusion] The proposed control strategy comprehensively considers constraints including power battery cycle life and fuel cell optimal operating range, effectively extending the service life of both core power sources while reducing overall vessel operating costs, demonstrating significant practical economic value.