In this paper, a model predictive control (MPC) approach is presented for solving the energy management problem in a parallel hydraulic hybrid vehicle. The hydraulic hybrid vehicle uses variable displacement pump/motors to transfer energy between the mechanical and hydraulic domains and a high pressure accumulator for energy storage. A model of the parallel hydraulic hybrid powertrain is presented which utilizes the Simscape/Simhydraulics toolboxes of Matlab. These toolboxes allow for a concise description of the relevant powertrain dynamics. The proposed MPC regulates the engine torque and pump/motor displacement in order to track a desired velocity profile while maintaining desired engine conditions. In addition, logic is applied to the MPC to prevent high frequency cycling of the engine. Simulation results demonstrate the capability of the proposed control strategy to track both a desired engine torque and vehicle velocity.