Electrification of military vehicles offers the potential for extended stealth operation, enhanced vehicle performance, and onboard electric power. This study proposes a hybrid electric powertrain for a military tracked vehicle with hybrid energy storage (battery and capacitor) and multi-speed transmission. Initially, component sizing of the proposed powertrain and a series hybrid electric powertrain was done based on power and torque analysis of vehicle performance requirements on different operating terrains. A rule-based control strategy was then developed for the proposed powertrain to maintain high performance as well as reduce energy losses. The performance of the proposed powertrain and the series configuration was evaluated using AVL Cruise software over synthesized drive cycles that represent the real-world activities of military tracked vehicles. Comparative analysis during component sizing showed that the proposed powertrain provides a reduction in powertrain mass by 389 kg (2.72%). From the performance analysis, it was observed that the fuel economy of the proposed powertrain improved by almost 30.27% as compared to the series configuration while maintaining vehicle performance. © 2021 Elsevier Ltd