This paper considers optimal power management of a fuel cell‐battery hybrid vehicle (FCHV) powertrain having three distinct modal configurations (modes): electric motor propelling/battery discharging, propelling/charging, and generating/charging. Each mode has a distinct set of dynamics and constraints. Using component dynamical/algebraic models appropriate to power flow management, the paper develops a supervisory‐level switched system model as an interconnection of subsystems. Given the model, the paper sets forth a hybrid model predictive control strategy based on a minimization of a performance index (PI) that trades off tracking and fuel economy in each operational mode. Specifically, the PI trades off velocity tracking error, battery state of charge variance, and electric drive and hydrogen fuel usages while penalizing frictional braking to encourage regenerative braking. The optimization is performed using an embedded system model and collocation with matlab's fmincon to compute mode switches and continuous time controls. The methodology avoids the computational complexity of alternate approaches based on, e.g., mixed integer programming. Projection methods for approximating the switched system solution from the embedded solution are empirically evaluated. To demonstrate the methodology, an example of a FCHV is simulated using three standard velocity driving profiles: a sawtooth profile with a hill climb, the EPA urban dynamic driving schedule, and the New European Driving Cycle. Also, drive cycle fuel usage is compared to that from the Equivalent Consumption Minimization Strategy.