The field of hybrid vehicles has undergone intensive research and development, primarily due to the increasing concern of depleting resources and increasing pollution. In order to investigate further options to optimize the performance of hybrid vehicles with regards to different criteria, such as fuel economy, battery aging, etc., a detailed state-of-the-art review is presented in this contribution. Different power management and optimization techniques are discussed focusing on rule-based power management and multi-objective optimization techniques. The extent of rule-based power management and optimization in solving battery aging issues is investigated along with an implementation in real-time driving scenarios where no pre-defined drive cycle is followed. The goal of this paper is to illustrate the significance and applications of rule-based power management optimization based on previous contributions.