Energy management strategies based on instantaneous optimization have been widely used in hybrid/plug-in hybrid electric vehicles (HEV/PHEV) in order to improve fuel economy while guaranteeing vehicle performance. In this study, an adaptive-equivalent consumption minimum strategy (A-ECMS) based on target driving cycle (TDC) generation was proposed for an extended-range electric bus (E-REB) operating on fixed routes. Firstly, a Hamilton function and a co-state equation for E-REB were determined according to the Pontryagin Minimum Principle (PMP). Then a series of TDCs were generated using Markov chain, and the optimal solutions under different initial state of charges (SOCs) were obtained using the PMP algorithm, forming the optimal initial co-state map. Thirdly, an adaptive co-state function consisting of fixed and dynamic terms was designed. The co-state map was interpolated using the initial SOC data and the vehicle driving data obtained by an Intelligent Transport System, and thereby the initial co-state values were solved and used as the fixed term. A segmented SOC reference curve was put forward according to the optimal SOC changing curves under different initial SOCs solved by using PMP. The dynamic term was determined using a PI controlling method and by real-time adjusting the co-states to follow the reference curve. Finally with the generated TDCs, the control effect of A-ECMS was compared with PMP and Constant-ECMS, which was showed A-ECMS provided the final SOC closer to the pre-set value and fully used the power of the batteries. The oil consumption solutions were close to the PMP optimized results and thereby the oil depletion was reduced.