This work represents the development of a Fuel Cell Hybrid Electric Vehicle (FCHEV) model, its validation, and the comparison of different control strategies based on the Toyota Mirai (1st generation) vehicle and its subsystems. The main investigated parameters are hydrogen consumption, and the variation of the state of charge, current, and voltage of the battery. The FCHEV model, which is made up of multiple subsystems, is developed and simulated in MATLAB® Simulink environment using a rule-based control strategy derived from the real system. The results of the model were validated using the experimental data obtained from the open-source Argonne National Laboratory (ANL) database. In the second part, the equivalent consumption minimization strategy is implemented into the controller logic to optimize the existing control strategy and investigate the difference in hydrogen consumption. It was found that the ECMS control strategy outperforms the rule-based one in all drive cycles by 0.4–15.6%. On the other hand, when compared to the real controller, ECMS performs worse for certain considered driving cycles and outperforms others.