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Due to the potential on decreasing fuel consumption and design flexibility, parallel configurations are widely used for hybrid electric vehicles (HEVs). However, the fuel economy and economic profitability of parallel HEVs for heavy-duty truck applications under Chinese driving conditions still need to be investigated. It is uneasy to improve the fuel economy of parallel HEVs with a single electric motor from control perspective only. In this article, the battery size of the architecture is optimized by using the dynamic programming (DP) approach, based on a dynamic degradation model of the LiFePO4 battery. Moreover, based on the DP results, a near-optimal control strategy of the hybrid powertrain system for online application is proposed. Finally, with two economic assumptions, the initial costs, operation costs, and payback periods are obtained in a total cost of ownership framework perspective.