We prove the equality case of the Penrose inequality in all dimensions for asymptotically flat hypersurfaces. It was recently proven by G. Lam [19] that the Penrose inequality holds for asymptotically flat graphical hypersurfaces in Euclidean space with non-negative scalar curvature and with a minimal boundary. Our main theorem states that if the equality holds, then the hypersurface is a Schwarzschild solution. As part of our proof, we show that asymptotically flat graphical hypersurfaces with a minimal boundary and non-negative scalar curvature must be mean convex, using the argument that we developed in [15]. This enables us to obtain the ellipticity for the linearized scalar curvature operator and to establish the strong maximum principles for the scalar curvature equation . 1 THE EQUALITY CASE OF THE PENROSE INEQUALITY 2 where ω n−1 is the volume of the unit (n − 1)-sphere in Euclidean space. Moreover, the equality holds if and only if (M, g) is isometric to the region of a Schwarzschild metric outside its minimal hypersurface.G. Huisken and T. Ilmanen proved the conjecture in dimension three for a connected minimal boundary [17]. H. Bray used a different approach and proved the conjecture in dimension three for any number of components of the minimal boundary [2]. In dimensions less than 8, the inequality was proved by H. Bray and D. Lee, with the extra spin assumption for the equality case [5]. In the case that (M, g) is conformally flat, H. Bray and K. Iga derived new properties of superharmonic functions in R n and proved the Penrose inequality with a suboptimal constant for n = 3 [4], F. Schwartz obtained a lower bound of the ADM mass in terms of the Euclidean volume of the region enclosed by the minimal boundary [25], and J. Jauregui proved a Penrose-like inequality [18]. For the Penrose inequality (with the sharp constant) in dimensions higher than 8, the only result that we know, other than the spherically symmetric case, is the result of G. Lam [19] (cf. [8]), where he proved that the Penrose inequality for graphical asymptotically flat hypersurfaces. (Note some related work regarding the Penrose inequality for asymptotically hyperbolic graphs in [7,9].)