To enhance the fuel economy of vehicle fuel cell/lithium battery hybrid power systems and address the issue that traditional equivalent hydrogen consumption strategies only focus on optimizing hydrogen consumption while neglecting the voltage stability of lithium batteries and the potential drift of State of Charge (SOC), this paper proposes an improved equivalent hydrogen consumption energy management method that incorporates a voltage balance factor. Firstly, a secondary fitting hydrogen consumption model for the fuel cell and an Rint equivalent hydrogen consumption model for the lithium battery are established. Then, the total equivalent hydrogen consumption function is corrected using the voltage balance factor, and a voltage closed-loop regulation mechanism is integrated to convert the SOC drift into adaptive adjustment of the target function weight. The optimal output power of the fuel cell is derived through convex function extremum solution, achieving optimal power allocation for the two subsystems. Simulation verification was conducted using MATLAB combined with actual bus operation conditions. The results show that this method enables the fuel cell to stably undertake the base load and the lithium battery to dynamically respond to power fluctuations. The total hydrogen consumption during the operation cycle is 1732.29 g, and the voltage of the lithium battery remains stable at around 670 V, effectively reducing hydrogen consumption and improving the reliability and durability of the system.