As environmental pollution and energy shortage issues become increasingly severe, the promotion and development of new energy vehicles have become even more crucial. As a type of new energy vehicle, plug-in hybrid electric vehicles (PHEV) not only effectively reduce energy consumption but also address the range anxiety issue brought by pure electric vehicles. However, their multi-power source structure also poses numerous challenges in terms of energy management strategies. Therefore, developing appropriate energy management strategies has become an important research direction for PHEV. This paper proposes a dual-motor PHEV system configuration based on planetary gears. This configuration achieves multiple operating modes, ensuring efficient operation of the proposed vehicle under different operating conditions. For each operating mode, based on the lever analysis method, its dynamic characteristics are analyzed to achieve better overall vehicle economy.