Battery state of charge prediction is one of the most essential state quantities of a battery management system. It is a prerequisite for the operation of a battery management system, but it becomes difficult to make an exact prediction of its state due to its characteristics, which cannot be measured directly. For the exact assessment of the Li-ion battery state of charge, the research proposes an extreme learning machine algorithm based on the alternating factor multiplier method with improved regularization. This method constructs a suitable online Li-ion battery state of charge prediction model using the alternating factor multiplier method in gradient form. The experiment demonstrates that the algorithm in the study has a reduction in the number of nodes in the implicit layer relative to the traditional extreme learning machine algorithm. The error fluctuations of the algorithm under two different excitation functions range from [−0.005, 0.005] and [0.082, 0.265]; The root mean square error of the data set in which the algorithm performs well is 1.9516 and 0.6157, respectively. The real simulation scenario created the predicted values of the state of charge in the realistic simulation scenario that fit the real value curve by 99.99%. The average and maximum errors of the proposed state of charge prediction model are the smallest compared to the long and short-term memory networks and gated cyclic units, 0.58% and 2.97%, respectively. The experiment demonstrates that the presented algorithm can reduce the computational burden while guaranteeing the state of charge model prediction.