Hydraulic hybrid powertrains provide an opportunity for specific applications, such as heavy-duty vehicles based on high-power density, which has not been included in other types of hybrid powertrains. Among the various architectures of hybrid vehicles, power-split hybrids have a greater possibility of producing better fuel efficiency than other hybrid architectures. This study analyzed the possible energy-saving characteristics of power-split hydraulic hybrid vehicles (HHVs); this has not been comprehensively described in previous studies. A typical configuration of power-split HHVs was modeled with the FTP-72 driving cycle using a novel simulation method that considered the dynamic and thermal behaviors together. The characteristics were analyzed in comparison to a power-split hydrostatic transmission (HST), which is designed with the same conditions except for hydraulic energy storage. The power-split HHV not only has a better fuel efficiency, but it also shows system energy-saving characteristics. The power-split HHV has more chances for engine idling, which is directly related to fuel consumption savings due to engine stop. Additionally, more engine idling time enables the system to operate in a more efficient area on the engine map by load leveling. The results for the system temperature show that the power-split HHV offers the possibility to deliver better thermal management because it prevents the waste of braking power, which is especially crucial for hydraulic systems in comparison to other power systems such as electric or mechanical power systems. The ease of thermal management results in less energy consumption for cooling down the system temperature by minimizing the cooling system, as well as in a better thermal stability for the hydraulic system. The power-split HHV characteristics analyzed in this study can be used to design and organize the system control logic while developing power-split HHVs.